HA3042: Taxation Law, Income and Deductions and CGT - Taxation Assignment Help

Assignment Task:

Task:

Question 1 (7 marks)
An extract of the Asset Register of Beta Pty Ltd (“Beta”) for the 2018 - 2019 Income year is shown below:
Asset Cost Opening
Adjustable
Value

Method Effective
Life

Decline in
Value for
This Period Closing Adjustable Value

Video Projector

3,000 1,200 Diminishing Value 10 years 300 900
Scanner 600 400 Prime Cost 3 years 200 200
Computer 5,000 2,000 Prime Cost 5 years 1000 1000
All depreciable assets are 100% for business use and Beta uses a low-value pool for all eligible assets. The closing value of the low-value pool at 30 June 2019 was $28,000. Beta purchased a basic filming drone on 2 March 2020 for $930.

Question 2 (7 marks)
Your client is a small-sized manufacturing company and has provided you with its accounting records for the financial year ending 30 June 2020. The following amounts listed below from (a) – (f) are included in the accounting records.

Required: How would you treat the following amounts (a) – (f) for tax purposes?
(Note – The exact amounts, relevant sections and applicable cases are to be calculated, included and discussed in your response.)

(a) The company balance sheet shows $21,000 as the provision for long service leave for the employees, however, the company only paid $7,000 during the year ended 30 June 2020 for those eligible for long service leave. (1 mark)
(b) The Insurance premium on the plant and equipment is $5,000, which was paid on 1 October 2019 for the next 12 months. (0.25 mark)

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