Bloomingdale Florists Pty. Ltd - Accounting and Finance Assignment Help

Assignment Task

Question 1: Bloomingdale Florists Pty. Ltd. is an Australian Retail Company which operates a florist shop in Sydney. It is an Australian Resident Private Company for Tax Purposes. It is also a Small Business Entity for tax purposes. The Accounting Profit and Loss Statement for the year ended 30 June 2018 is as follows: 

Additional Information 
The repairs of $15,000 consisted of painting the company premises for $5,000 and replacing the rotting wooden office windows with new steel windows for $10,000. 
(4) The Gifts were as follows: 
• Royal Sydney Hospital 
• Paramatta Eels League Club 
10,000 $10,000 
(5) Capital allowances for tax purposes amount to $10,000. 
(6) For accounting purposes the company values its closing stock using the LIFO Method. 
The Opening stock value for tax purposes was $50,000. 
The FIFO Method however produces the following results for stock value at the end of the year: 
(7) The company borrowed money from the bank to acquire the new depreciating assets. The 
loan was for 3 years and was taken out on 1 July 2017. The total borrowing costs of $3,000 were claimed as an accounting expense. 
(8) The company had outstanding trade debts from retail sales of $20,000 on 30 June 2018 
These were included in the sales figure in the Profit and Loss Statement.  
For the year ending 30 June 2018, the company received the following dividends which are not included in the profit and loss statement: 
• Dividend from an Australian Resident company (80% franked) $9,000 
• Dividend from an Australian Resident company (100% franked) $5,000 
• Dividend from a Foreign Resident company (No tax withheld) 

(10) The Tax Commissioner has made a ruling regarding the Director's salaries and considers 
$40,000 to be a reasonable salary. 
(11) Prior years' income losses: 
The company has $20,000 unabsorbed income losses from the year ending 30 June 2017. The shareholding of the company has not changed since that time. However in July 2016 the company acquired a market research company.

Question 2 (10 marks): 
John is studying mechanical engineering at the University of Sydney. He completed high school in France and then a bachelor of engineering in Germany. Most of his family members are in France, some are in Germany. He holds a UK passport, and currently 
undertakes a postgraduate degree in Australia based on a four year student visa. 
He first arrived in Australia on 3 April 2016 as a tourist visa holder, and spent a couple of months travel around the country, he also travelled to New Zealand in late May 2016. After returned to Australia in early June, he visited Sydney, and found himself so much in love with the city. In July 2016, he decided to rent an apartment and entered into a six month lease. He also enrolled in a four month conversion course, and applied for a short term student visa to complete the intended study. He found himself a part-time job in an engineering firm soon after semester started in August 2016. 
John decided to apply for PhD studies at USYD in November and enrolment was effective from January 2017. John wonder if he is likely to be a resident for Australian taxation purpose in FY2016 (5 marks). 

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