owary 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)
owary 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)
Chapter1: Financial Statements And Business Decisions
Section: Chapter Questions
Problem 1Q
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Cassowary 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)
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