Darwin Pest Control Pty Ltd.’s Taxable Income and Tax Liability Case Study - Tax Law Assignment Help

Assignment Task

QUESTION ONE

Darwin Pest Control Pty. Ltd. is an Australian resident private company for tax purposes and carries on the business of termite eradication. It is registered for GST. William Lee, the accountant has prepared the income statement for the year ended 30 June 2018 based on the relevant accounting standards:

Additional Information

(1) Unless otherwise stated the figures are GST exclusive. They do not include GST.

(2) On 30 November 2017, the company received a cash dividend of $100,000 (fully franked). This dividend is not recorded in the above Income Statement.

(3) On 31 August 2017, the company also received a cash dividend of $85,000 from a US company. Withholding tax of $15,000 had been withheld in the US. Australia has a double tax agreement with the US. This dividend is not recorded in the above Income Statement.

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