net tax payable
SWFT Essntl Tax Individ/Bus Entities 2020
23rd Edition
ISBN:9780357391266
Author:Nellen
Publisher:Nellen
Chapter16: Multijurisdictional Taxation
Section: Chapter Questions
Problem 19P
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Question
Aussie Sports Ltd supplies a wide range of sporting goods, including Rugby League Balls. Aussie Sports Ltd derives Australian sourced income for the current tax year comprising net income from trading of $90,000, franked distribution from public companies amounting to $42,000 (carrying an imputation credit of $18,000), unranked distributions from resident private companies amounting to $16,000 and rental income of $6,000.
Required: Calculate the net tax payable by Aussie Sports Ltd for the year ended 30 June 2021. (Assume company tax rate is 30%)
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