Calculate the net tax payable by Melbourne Awesome Ltd for the year ended 30 June 2019. (Assume company tax rate is 30%)
Calculate the net tax payable by Melbourne Awesome Ltd for the year ended 30 June 2019. (Assume company tax rate is 30%)
Chapter25: Taxation Of International Transact Ions
Section: Chapter Questions
Problem 30P
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Question
Melbourne Awesome Ltd supplies a wide range of folding bicycles. Melbourne Awesome Ltd derives Australian
sourced income for the current tax year comprising net income from trading of $80,000, franked distribution
from public companies amounting to $28,000, (carrying an imputation credit of $12,000), unfranked
distributions from resident private companies amounting to $25,000 and rental income of $5,500. Melbourne
Awesome Ltd also have total deductions (Business Expenses) totaling $55,000.
Required:
Calculate the net tax payable by Melbourne Awesome Ltd for the year ended 30 June 2019. (Assume company
tax rate is 30%)
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