From the following, you are required to calculate Manta Pty Ltd?s:

• taxable income (if any) for the income year ended 30 June 2021, giving?brief?reasons to support your calculation; and
• income tax liability (if any) for that income year.

Manta Pty Ltd is an Australian resident private company that operates a seafood restaurant from leased premises at Glenelg in South Australia. The directors and shareholders of the company are Daniel and Sonia Hughes. The company?s books of account for the income year ended 30 June 2021 show the following amounts:

1. ?Depreciation? related to plant and equipment that are depreciating assets used solely for the company?s business, and the amount was calculated using methods and rates equivalent to tax diminishing value and acceptable for tax purposes.
2. The ?Fines? were incurred as a result of the company not complying with regulatory requirements under the Liquor Licensing Act 1997 (SA) that applies to restaurants and bars.

Net income from Profits and gains of business or profession = $165000.

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Transcribed Image Text:

INCOME Gross Sales Miscellaneous Profit Total Income EXPENSES Advertising Electricity Insurance Rent Rates Telephone Depreciation Fines Salary and Wages Trading Stock Purchases Total Expenses NET PROFIT $1,000,000 $300,000 $1,300,000 $4,000 $6,000 $5,000 $5,000 $3,000 $1,000 $11,000 $10,000 $300,000 $500,000 $845,000 $455,000 INCOME Gross Sales Miscellaneous Profit Total Income EXPENSES Advertising Electricity Insurance Rent Rates Telephone Depreciation Fines Salary and Wages Trading Stock Purchases Total Expenses NET PROFIT $1,000,000 $300,000 $1,300,000 $4,000 $6,000 $5,000 $5,000 $3,000 $1,000 $11,000 $10,000 $300,000 $500,000 $845,000 $455,000

Answer rating: 100% (QA)

Answey Compubaton of Taxable fncome o1 W mantu pty Ltd For the year Gaded 30... View the full answer