Case Study-AW220

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Exercise 1
Jade Tower Ltd (JTL) imports and distributes Chinese medicinal ingredients. It is not a qualifying company and has a 31 March balance date. For the 2012 income tax year, (i.e. year ended 31 March 2012) the company had a closing credit balance for its imputation credit account of $8,699.48. During the 2013 income tax year, (i.e. year ending 31 March 2013), JTL receives and pays the following amounts

  • 5th June 2012: paid a net dividend to its shareholders of $49,998 with imputation credits attached at a ratio of 28/72 and RWT was deducted at the appropriate rate;
  • 30 June 2012 received a Gross dividend of $21,000 with 28% imputation;

  • 30 July 2011: paid $2,840.89 in GST;
  • 28 August 2012: paid $25,336 in provisional tax;

  • 31 March 2013: received gross interest of 1,073.75 on the maturity or a term deposit with RWT of $300.65 deducted at source;
  • 5 August 2012 paid $303.99 in late payment penalties and use of money interest;

  • 7 April 2012: paid $75,080 of 2011 terminal tax;
  • 15 January 2013: paid $25,336 in provisional tax; and

  • 5 March 2013: paid $32,000 in provisional tax.


There have been no shareholding changes over the period. Prepare the imputation credit account balance as at 31 March 2013 using the ‘T’ format.



Dapa Consulting Limited
Profit & Loss Account for the year ended 31 March 2013
Gross Interest 1 2,000.00
Professional fees 250,000.00
Gross Dividends 2 750.00
Gross Income 252,750.00
Accounting Fees 2,704.00
Advertising 6,230.00
Bank Charges 1,297.00
Donations 3 300.00
Entertainment 4 3,998.00
Legal Fees 5 4,000.00
Lighting and Heating 2,368.00
Motor Vehicle Expenses 3,000.00
Printing, Postage and Stationery 7,056.00
Rent 24,000.00
Salaries and Wages 6 45,000.00
Shareholder Salaries 6 65,000.00
Speeding Fines 7 120.00
Use of Money Interest 274.00
Accounting depreciation 8 2,567.00
Total Expenses 167,914.00
Accounting Net Profit Before Tax 84,836.00

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  • No RWT was deducted from this amount.
  • Gross dividends were received as follows

  • ABC Ltd $600 gross (IC $168 and RWT $30)
  • Telecom $150 gross (imputation credits attached of $42, RWT deducted of $7.50)

  • Donations were paid to the World Vision.
  • Entertainment expenditure relates solely to lunch and internal meetings with clients.

  • Legal fees were for securing a lease of the current office for next year.
  • PAYE was correctly deducted from all salaries and wages paid during the 2013 income year.

  • Speeding fines were incurred by Tom who received these on his way home from work.
  • Accounting depreciation is calculated using the depreciation rates as specified by IRD.

  • Shareholders’ current account: Tom Da $11,695 (Cr), Ken Pa $8,073 (Cr).
  • Provision for Holiday Pay yearend balance $4,000 (Cr).

  • The company has a loss brought forward of $12,000 from the 2012 tax year.
  • The 2012 holiday pay accrual was $2500. The 2013 holiday pay accrual was $4000.




  1. Prepare a tax computation for the company for the year ended 31 March 2013 (The computation should start with the accounting profit, include relevant tax adjustments, and end with taxable income)
  2. Calculate the income tax liability of the company as of 03.2013

Product code: Case Study-AW220

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