FNSACC601 Tax Assessment Tasks - Prepare And Administer Tax Documentation For Legal Entities

Task 6 - Foreign Source Income of Entities

John Pty Ltd, a resident Australian company had the following receipts for the year ended 30 June 2018. Note: the company is eligible as a small business.

Required

1. Calculate John Pty Ltd.’s taxable income for year ended 30 June 2018.
2. Calculate John Pty Ltd.’s net tax payable or refundable for the year ended 30 June 2018.