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.
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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.
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