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
Get Access