Income tax - Accounting and Finance - Case Study - Assessment answer

Income tax - Accounting and Finance - Case Study - Assessment answer 

Task

Your client (use your own name as the client name) is the sole director of Electric Blue Pty Ltd. The business employs five staff members, including your client who holds the position of managing director. Electric Blue analyses financial information and provides investment
advice to registered clients. The payment summary from Electric Blue Pty Ltd shows the following:
-ABN 84 111 122 223
-Gross Payments $160,000
-Tax Withheld $49,897
Electric Blue also paid $99 a month for your client’s mobile phone account and additional superannuation contributions of $6,000 under a salary sacrifice arrangement. This amount is in addition to superannuation guarantee requirements. The phone payments related to a fixed monthly contract in the employee’s name and payments were made directly to the phone company by the employer. Your client owns an Audi Q5. They purchased the car on 1 June 2016 for $65,000. The car travelled 36,500 km during the year and your client has indicated that about 80% is work-related but they have not kept a logbook.

The taxpayer owns a unit on the Gold Coast which is rented to their daughter. A contract was entered into to purchase the property on 22 January 2019 for $600,000 and settlement took place on 1 March 2019. The taxpayer’s daughter moved in immediately. She pays rent in advance of $460 on Wednesday each week. The first payment was made on the day she moved in. (HINT: You need to research the issues around renting properties to relatives and include your findings in your work papers and letter of advice.) The building was originally constructed in 2005. A quantity surveyor’s report commissioned at the time of purchase shows the construction cost of the unit was $180,000. The taxpayer purchased a refrigerator for $1,080 and a washing machine for $1,500. These were installed in the unit for use by the tenant on settlement date. The taxpayer elects NOT to use a low-value pool for depreciating assets and chooses the diminishing value method of depreciation where applicable.

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