Cash Flow Statements Tax Calculations And Balance Sheet

1924 Words8 Pages
CASE STUDY Name: Xianbo Xie Course: Introduction financial planning Tutor: Cath Sharples Question one Cash flow statements tax calculations and balance sheet for the 3 financial years ending 30 June 2015 - 2017 Family balance sheet Financial year ending June 2015 Assets $ $ Family house 620,000 Boat 20,000 Car Jenny 35,000 Car Jerry 12,000 House contents 50,000 Commonwealth Bank shares 53,000 Term deposit with Bundoora 165,000 Savings account with Bundoora 26,000 Superannuation funds (combined) 330,000 Total 1,290,000 Liabilities Family home mortgagee 250,000 Personal car loan 16,000 Credit card debt 6,000 Total 272,000 Net worth 1,018,000 The family’s Tax Calculation Financial year ending June 2015 $ $…show more content…
deposits 4,455 Employer Superannuation contribution (15% tax deduction) 9975 215,633 Employer Superannuation contribution (15% tax deduction) 4750 Total 188,959 Less tax payable 78,235.06 Net income 110,706 Expenses Mortgage and loan payments 29,500 Work related expenses 2,500 Insurance 3,000 Household expenses 25,800 Private education expenses 17,000 Utilities 4,200 Entertainment 8,000 Travel and holidays 7,000 Motor vehicle expenses 8,500 Sundries 2,000 Total 107,500 Surplus 3,200 Family balance sheet Financial year ending June 2016 Assets $ $ Family house 663,400 Boat 19,400 Car Jenny 35,000 Car Jerry 12,000 House contents 48,500 Commonwealth Bank shares 52,500 Term deposit with Bundoora 165,000 Savings account with Bundoora 26788 Superannuation funds (combined) 362,230 Total 1,395,58 Liabilities Family home mortgagee 224,600 Personal car loan 11,900 Credit card debt 6,000 Total 242,500 Net worth 1,152,658 The family’s Tax Calculation Financial year ending June 2016 $ $ Assessable income Jerry’s Salary 108,150 Jenny’s Termination payment 15,000 Fully franked dividend 2,729.5 Savings account 269 Term deposits 4,455 conservative fund 8,619 capital stable fund 5,622.75 Less Allowable deductions Work related expenses 2,500 Total allowable deductions 2,500 Taxable income 173,585.8 Gross tax payable 52,173.45 Add Medicare levy (2%) 3,471.716 Net tax payable 55,645.15 Family 's Cash flow statement Financial
Open Document