Cash Flow Statements Tax Calculations And Balance Sheet

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CASE STUDY Name: Course: Instructor: Institution: Location Case Study 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 $ $ Assessable…show more content…
Savings account with Bundoora 26788 Superannuation funds (combined) 339900 Total 1,372,828 Liabilities Family home mortgagee 224,600 Personal car loan 11,900 Credit card debt 6,000 Total 242,500 Net worth 1,130,328 The family’s Tax Calculation Financial year ending June 2016 $ $ Assessable income Jerry’s Salary 105,000 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 year ending 2016 Income $ $ Jenny’s Salary 50,000 Jerry’s Salary 105,000 Fully franked dividend 2,400 Savings account 980 conservative fund 8,619 capital stable fund 5,622.75 Term deposits 250 Total 176,085.8 Less tax payable 55,645 Net income
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