Taxation -AW-Q16 Online Services
Taxation Final Assessment
Question 1: GST Returns
Part A Case study:
Ian McDougall is a sole-trader and a registered person who returns GST on an invoice basis using a 6 month taxable period.
A machine purchased two years ago (1st Oct 2010) costing $147,375 GST inclusive, was used for a total of 900 hours during the half year ended 30 November 2012. Of this total, 315 hours (35%) use was in respect of private work. In the taxable period ending 30 November 2012 the following GST inclusive transactions (relating to the machine) took place.
|Incurred||Date of Inv||Inv Paid||$|
|Repairs||10 Oct 2012||20 Oct 2012||31 Oct 2012||2,000|
|Repairs||25 Nov 2012||30 Nov 2012||08 Jan 2013||615|
|Power||Oct- Dec 2012||31 Jan 2013||15 March 2013||134|
|Power||Oct-Nov 2012||06 Dec 2012||15 Jan 2013||220|
The depreciation rate allowed on this machine for income tax purposes was 6.67% straight line.
- Calculate the period-by-period adjustment(s) required for the period ended 30 November 2012.
Part B: GST Return
Paula’s Accessories Limited, imports and sells various plastic ware to customers within Auckland. Paula’s Accessories operates out of a factory shop in Kelston, West Auckland and is registered for GST on a payments basis and has a monthly GST filing frequency.
The following receipts were received through Paula’s Accessories bank account in the month of Feb: 2012
- Sales of $31,805, of this $850 were export sales
- $60 as rent for a small room above the warehouse (Paula rents this out to help cover the rent on the factory). The upstairs room floor area is 5% of the whole building. The monthly rent includes the use of utilities.
The following payments were made from Paula’s Accessories bank account during the month of Feb 2012
|GST on imports||238|
|Purchase of a second-hand computer from Trademe||1,500|
|GST for May||2,875|
|Accident Compensation Levy||32|
- Paula noted from the NZ Herald that one of the companies that she had provided goods to totalling $125 was being removed from the companies register. She wrote this debt off in Feb 2012 as a bad debt.
- Paula’s accountant advised that the total non-deductible entertainment for the year ended 31 Jan 2012 was $175 (ie. 50% of $350). He recommended that an adjustment be made for this in the Feb GST Return.
- Paula Accessories received an amount of $9,584 of sales via their Barter card account.
Note: all figures are GST inclusive unless GST is not applicable.
- Complete Paula’s GST return for the period ended 28 Feb 2012 using form 101A provided. For any amounts not included in the GST Return, please give reasons for their exclusion.
- Advise Paula of the amount of GST payable or refundable and the due date for payment.
You can read more about our case study assignment help services here.
How it Works
How It works ?
Step 1:- Click on Submit your Assignment here or shown in left side corner of every page and fill the quotation form with all the details. In the comment section, please mention Case Id mentioned in end of every Q&A Page. You can also send us your details through our email id email@example.com with Case Id in the email body. Case Id is essential to locate your questions so please mentioned that in your email or submit your quotes form comment section.
Step 2:- While filling submit your quotes form please fill all details like deadline date, expected budget, topic , your comments in addition to Case Id . The date is asked to provide deadline.
Step 3:- Once we received your assignments through submit your quotes form or email, we will review the Questions and notify our price through our email id. Kindly ensure that our email id firstname.lastname@example.org and email@example.com must not go into your spam folders. We request you to provide your expected budget as it will help us in negotiating with our experts.
Step 4:- Once you agreed with our price, kindly pay by clicking on Pay Now and please ensure that while entering your credit card details for making payment, it must be done correctly and address should be your credit card billing address. You can also request for invoice to our live chat representatives.
Step 5:- Once we received the payment we will notify through our email and will deliver the Q&A solution through mail as per agreed upon deadline.
Step 6:-You can also call us in our phone no. as given in the top of the home page or chat with our customer service representatives by clicking on chat now given in the bottom right corner.
We use best scientific approach to solve case study as recommended and designed by best professors and experts in the World. The approach followed by our experts are given below:
The first step in solving any case study analysis is to define its problem carefully. In order to do this step, our experts read the case two three times so as to define problem carefully and accurately. This step acts as a base and help in building the structure in next steps.
The second step is to define structure to solve the case. Different cases has different requirements and so as the structure. Our experts understand this and follow student;s university guidelines to come out with best structure so that student will receive best mark for the same.
Research and Analysis
This is the most important step which actually defines the strength of any case analysis. In order to provide best case analysis, our experts not only refer case materials but also outside materials if required to come out with best analysis for the case.
Conclusion & Recommendations
A weak conclusion or recommendations spoil the entire case analysis. Our expert know this and always provide good chunks of volume for this part so that instructors will see the effort put by students in arriving at solution so as to provide best mark.
- Physics Assignment Help
- Chemistry Assignment Help
- Engineering Assignment Help
- Psychology Assignment Help
- Online exam Help
- Marketing Assignment Help
- Arts Assignment Help
- Sociology Assignment Help
- Project Management Assignment
- Case Study Help
- Nursing Assignment Help
- Research Assignment Help
- Operations Management Assignment help
- Accounting Assignment Help
- Biology Assignment Help
- Mathematics Assignment Help
- English Assignment Help
- Business Plan Help
- Essay Writing Help
- Human Resource Assignment Help
- Accounting Homework Help
- Computer Science Assignment Help
- Finance Assignment Help
- Economics Assignment Help
- Statistics Homework Help
- Management Assignment Help
- Strategy Management Assignment Help
- Auditing Assignment Help
- Information Management Assignment Help
- Online Assignment Writing help
- Humanities Assignment help
- Taxation Homework Help
- Corporate Finance Assignment Help
- Financial Management Assignment Help
Question 2: Companies & Imputation Credit Account
- Briefly discuss the significance of the imputation mechanism from the perspective of the company and the shareholders
- What is an imputation credit account and is it part of the financial statements of the company?
- Dividends are subject to a deduction of RWT at the rate of 33 cents in the dollar. Due to the change in the tax rates, some dividends may carry imputation credits of only 30% or 28%. What could be the possible reasons for this?
Eric’s friends Alison, Amber and Brian are shareholders in a movie consultancy company, AAB Limited, which seeks out and provides movie location sites, stunt doubles, costume hire and props to movie production companies. Alison and Amber are shareholder/employees however Brian is not.
The company’s taxable income before interest and dividends, (included below), for the year ending 31 March 2012 was $126,345.
Other transactions for the year were
20 June 2011 Received net interest of $4150 from the BNZ. RWT has been deducted at 33%
28 August 2011 Paid the first instalment of 2012 provisional tax of $11,371
30 August 2011 Received a net dividend from Warner Productions Ltd of $1,785. The dividend was imputed at 25%
5 October 2011 The company declared and paid an interim dividend of $45,650 to the shareholders. The dividends are fully imputed with the maximum imputation credits attached of 30%
20 October 2011 Paid fringe benefit tax of $3120
11 November 2011 Brian purchased a VW convertible from the company. He paid $25,000 for the car and it had a market value of $30,000.
15 January 2012 Paid the second instalment of 2012 provisional tax of $11,371
31 January 2012 Received an income tax refund of $2,110 for the 2008-2009 year following reassessment of the return
20 March 2012 Declared and paid a final dividend of $49,750 . This has been imputed at the same ratio as the interim dividend.
7 May 2012 Paid the third instalment of provisional tax of $11,371
- Prepare the Imputation Credit Account for the year ending 31 March The opening balance of the imputation credit account on 1 April 2011 was $3,150 debit and this amount and the imputation penalty tax were paid on 20 June 2012. Show all workings.
Product Code-Taxation -AW-Q16
Looking for Taxation -AW-Q16 online ,please click here