Debbie Finance Assignment Help With Solution
Debbie has the following transactions during the 2013 income year (year ending 31 March 2013) and comes to you asking whether there are any tax implications.
▪ Debbie receives a $150 tip from a customer while working as a waitress at a local restaurant.
▪ Debbie wins $10,250 from lotto.
▪ Debbie receives a bursary from the NZ Government for $2000
▪ Debbie receives a $25 dividend from Power Co Ltd.
▪ Debbie is a self confessed gambler and regularly goes to the horse races. During the 2013 income year she won a total of $15,120 of stake money. Debbie relies on this income to help pay her way through university.
a. Advise Debbie how the above transactions should be treated for tax purposes (e.g. “assessable income”, “exempt income”). Provide a reason for your answer.
▪ An extra $100 added to the payment of their account every Christmas by a regular customer in appreciation of the excellent service received during the year.
▪ Insurance claim for stock damage.
▪ Bad debts recovered which were
written off and deducted in an earlier year.
▪ Sale of goodwill when the business was finally sold.
▪ Interest from a finance company.
▪ Sick pay from an insurance policy.
▪ Private use of the business motor vehicle by an employee. This falls within the fringe benefit regime.
a. Which items would you consider to be assessable income (and therefore taxable income) for a taxpayer owning a grocery business? Give explanations or qualifications if necessary to support your answer.
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a. For the following questions please advise when the income is derived. Please provide a reason for your answer.
i. L’Real Ltd sells beauty products to a customer on 25 March 2012 on account (that is, does not receive immediate payment). L’Real Ltd invoices the customer for these products on 30 March 2012 and receives payment for the products on 5 April 2012.
ii. L’Real Ltd also provides a cleaning service & provides this service to Jen Astin on 2 April 2012. Jen Astin paid in advance on 26 March 2012.
iii. Jeremy is an employee of Top Gear Magazine. He is paid a salary fortnightly, with one week in advance and one week in arrears. Jermey receives $700 on 28 March 2012 ($200 relates to his salary after 31 March 2012).
iiii. Jamie is a doctor. Jamie provides her services to Mrs Brown on 29 March. Mrs Brown pays for these services on 4 April 2012.
In March 2013, Stacey (a New Zealand tax resident) provides you with the following information concerning her income for the year ended 31 March 2013.
▪ A total salary of $16,000 (gross) was received from Restaurant Co, where Stacey worked as a waitress. The salary was for the period 1 April to 30 September 2012 and the company had deducted PAYE amounting to $3,120 from this salary.
▪ Stacey was called on jury service for 5 days in September 2012 and received $260 gross for the service.
▪ Stacey received an amount of $14,200 from her Grandmother’s will.
▪ Stacey received a $150 tip one night from a customer while working at the Restaurant.
▪ In May 2012, Stacey won $10,250 from lotto.
▪ Stacey holds shares in PowerCo Ltd. Stacey received a final dividend in respect of the year ended 31 March 2013, on 20 September 2012. The dividend statement showed the following information:
Net Dividend declared: $201
Imputation Credits: $84.00 (28% IC)
The company has deducted the appropriate amount of resident withholding tax.
▪ Stacey received interest from the National Bank of New Zealand amounting to $280 (net of resident withholding tax). Resident withholding tax was deducted at 33%.
▪ In October 2012, Stacey lost her job due to a company restructure and re-organisation. As a result of the restructure, Stacey received $5,000 for compensation for loss of employment.
▪ Since October 2012, Stacey has admitted she is now a self confessed gambler and regularly goes to the Sky City Casino whereby she relies on her winnings to help meet her everyday living costs. During the period 1 October 2012 to 31 March 2013, Stacey won a total of $15,800 from the Sky City Casino.
▪ Stacey received a bursary payment from the NZ Government for $2000.
▪ During the year, Stacey held a garage sale at her own home to clear out unwanted possessions. Stacey earned an amount of $460 from the garage sale.
▪ Stacey received $3,850 in respect of maintenance payments from her former spouse.
a. Prepare a statement of taxable income for Stacey as at 31 March 2013.
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