Fitzroy Pty Ltd is an Australian company. During the 2020/21 financial year Fitzroy Pty Ltd had income of $4,000,000 and deductions of $500,000. What is the total tax payable for Fitzroy Pty Ltd for the 2020/21 financial year? (Assume 2020/21 Company Tax Rate will be 30%)
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- On 30 June 2022, ABM Ltd (an Australian resident company) recorded sales income of $40,000 and had allowable deductions of $36,000. It also received a dividend of $20,000 that was franked to 80%. Required: Calculate ABM Ltd's tax payable or refundable. Show all calculations.This is under Singapore Tax Laws. For the year ended 30 September 2020, Maximus Pte Ltd’s trading profit was $200,000. The company also derived other income, details of which are provided below: Interest income of $7,600 credited to the income statement arising from $300,000 fixed deposit placed with HSBC since 1 July 2019, renewable every 6 months. The following interest matured during the respective periods: - $4,000 matured on 31 December 2019 - $3,800 matured on 30 June 2020 - $3,600 matured on 31 December 2020 The amount of interest income accrued as at 30 September 2020 was $1,800. Calculate the company’s statutory income for Year of Assessment 2021. Why is the interest income of 7,600 not included in the statutory income?YORMS Corp has the following data for the year ended December 31, 2021: PH USA Gross Income: P6,000,000.00 $50,000.00 Deductions: P4,000,000.00 $20,000.00 Dollar Rate P45:$1 Determine income tax due assuming the company is a nonresident corporation. Group of answer choices P1,800,000.00 P500,000.00 P1,500,000.00 P600,000.00
- LENI Lugawan Corp has the following data for the year ended December 31, 2021: PH USA Gross Income: P6,000,000.00 $50,000.00 Deductions: P4,000,000.00 $20,000.00 Dollar Rate P45:$1 Determine income tax due assuming the company is a resident corporation. Group of answer choices P600,000.00 P1,500,000.00 P500,000.00ABCD Ltd had the following results for the year ending 31 March 2019:Trading income 369,000; Bank interest 10,000; Capital gains 9,500; Qualifying charitable donations (7,800); Dividends received from UK companies 41,000.Required: Calculate the ABCD’s tax liability for the year ended 31 March 2019.Prey Ltd accountant has estimated current tax of P50 000 based on the current profit. The income tax value of the non- current assets are P75 000 and the carrying amount of non-current assets as at 31 December 2020 is P90 000.Tax rate is 22%.1 Using information given above, calculate the deferred tax for the year ended 31 December 2020.2 Calculate the figure of the tax expense that should appear in the statement of profit or loss.3 State how should the deferred tax and current tax should be classified in the statement of financial position.
- 1. BATO Corp has the following data for the year ended December 31, 2021: PH USA Gross Income: P6,000,000.00 $50,000.00 Deductions: P4,000,000.00 $20,000.00 Dollar Rate P45:$1 Determine income tax due assuming the company is a domestic corporation with company assets amounting to more than P100M. Group of answer choices P837,500.00 P800,000.00 P492,500.00 P3,350,000.00 2. LENI Lugawan Corp has the following data for the year ended December 31, 2021: PH USA Gross Income: P6,000,000.00 $50,000.00 Deductions: P4,000,000.00 $20,000.00 Dollar Rate P45:$1 Determine income tax due assuming the company is a resident corporation. Group of answer choices P600,000.00 P1,500,000.00 P500,000.00 3. YORMS Corp has the following data for the year ended December 31, 2021:…Delta has interest receivable which has a carrying amount of $75,000 in its statement of financial position at 31 December 2020. The related interest revenue will be taxed on a cash basis in 2021. Delta has trade receivables that have a carrying amount of $105,000 in its statement of financial position at 31 December 2020. The related revenue has been included in its statement of profit or loss for the year to 31 December 2020. Required: According to HKAS 12 ‘Income Taxes’, what is the total tax base of interest receivable and trade receivables for Delta at 31 December 2020? A. $105,000 B. $75,000 C. Nil D. $180,000Cassowary Media Ltd is an Australian company (resident for tax purposes) with an aggregate turnover of under $50million. During the current tax year, it derived $450,000 in assessable income, $300,000 in allowable deductions and $45,000 in exempt income. Of the assessable income Cassowary Media Ltd derived, $320,000 related to interest income. It also has $30,000 in available tax offsets. Required: Determine for Cassowary Media Ltd the following: Taxable income Net tax payable (refundable)
- GoMo Ltd is a UK registered company which commenced trading in the UK on 1 March 2020 as a manufacturer of mopeds (small motorbikes). GoMo Ltd prepared its first accounts for the period 1 March 2020 to 31 December 2020. The following information is available: Trading profit The tax adjusted trading profit based on the draft accounts for the ten-month period ended December 2020 is £944,291. This figure is before making any adjustments required for: 1.Capital allowances. 2.Tax adjustments required for research & development which included payroll expenses of £3,256 and capital expenditure as shown in plant and machinery below (the company is considered small for R&D purposes); 3.Advertising expenditure of £10,280 incurred during February 2020, just before the trade commenced. This expenditure has not been deducted in arriving at the tax adjusted trading profit for the period ended 31 December 2020. 4.Non-trade loan relationships. Plant and machinery The…Jock (LTD) is a manufacturer of Stationery. The Following information is given regarding Jock Ltd for 2021 and 2022 Income tax Expense for 2021 is R9 565 and for 2022 is R8 575 The Income tax for 2021 according to the final assessment for SARS is R9 800.00 Total Dividends declared for 2021 is R5 000. The dividends tax rate is 15% Prepare the journal entries for the year ended 31 December 2021 and 2022 (Include journal narrations)The following information relates to Swans Ltd, a vendor, and a resident of the Republic, for its tax period (a two-month period) ended 31 December 2022: Supplies of goods made by it subject to value-added tax at the standard rate amounted to R345 000 (R300 000 plus value-added tax of R45 000). Supplies of goods or services made by it subject to value-added tax at the zero-rate amounted to R100 000 (R100 000 plus value-added tax of Rnil). These goods were exported. Supplies of goods or services made by it not subject to value-added tax (exempt) amounted to R30 000 (R30 000 plus value-added tax of Rnil). Input tax of R50 000 was incurred by it for capital goods purchased. Input tax incurred for goods and services supplied to it was R25 000. Second-hand goods (not of a capital nature) were purchased by it from a non-vendor for R23 000 and paid for in cash. A debtor who owed it R69 000 (R60 000 plus value-added tax of R9 000) was liquidated during this period. A first and final…