Scenario B (Australian Taxation Law): – Taxpayers at retirement age Inder Muller, aged 58, recently retired from his employment as chief accountant of Moon Light Pty Ltd, after 17 years and 4 months of service. Inder’s wife Belinda, aged 59, is currently running a small newsagency. Inder and Belinda visited you to seek advice on various retirement planning options specified below. Inder and Belinda both are covered by private health insurance. 3) Regarding Belinda’s Business Belinda has started the newsagency business 3 months ago. She would like to get advice on the tax benefits available for her new business. The expected business turnover for the financial year ending 30th of June 2022 is $500,000 including GST. She has purchased the following assets for the business. > Photocopy machine for $5,500 including GST on the 15th of Feb 2022 and was ready to use on the 1st of March 2022 > Motor vehicle purchased on the 1st May 2022 for $68,800 including GST, to be used solely for business purposes. > She wishes to opt for the Small Business Entity (SBE) option but Inder is unsure whether this is a good choice for them and what benefits will become available when choosing the SBE. Required Advise Belinda and Inder on the following. • Asset pools and instant asset write-offs; and
Scenario B (Australian
Inder Muller, aged 58, recently retired from his employment as chief accountant of Moon Light Pty Ltd, after 17 years and 4 months of service. Inder’s wife Belinda, aged 59, is currently running a small newsagency.
Inder and Belinda visited you to seek advice on various retirement planning options specified below. Inder and Belinda both are covered by private health insurance.
3) Regarding Belinda’s Business
Belinda has started the newsagency business 3 months ago. She would like to get advice on the tax benefits available for her new business.
The expected business turnover for the financial year ending 30th of June 2022 is $500,000 including GST.
She has purchased the following assets for the business.
> Photocopy machine for $5,500 including GST on the 15th of Feb 2022 and was ready to use on the 1st
of March 2022
> Motor vehicle purchased on the 1st May 2022 for $68,800 including GST, to be used solely for
business purposes.
> She wishes to opt for the Small Business Entity (SBE) option but Inder is unsure whether this is a good choice for them and what benefits will become available when choosing the SBE.
Required
Advise Belinda and Inder on the following.
• Asset pools and instant asset write-offs; and
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