Cash Flow Statements Tax Calculations And Balance Sheet

1873 Words8 Pages
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
Get Access