Hamberg Kart Pty Ltd is an Australian retail company operating in Coburg. It is an Australian resident private company for tax purposes. The accounting profit and loss statement for the year ended 30 June 2021 is presented below:
   

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Advertising Bank and Interest Charges Fringe Benefits Tax Provision for Annual Leave (see note c) Provision for Doubtful Debts (see note d) Gifts (see note e) Income Tax Instalments Depreciation (see note f) Electricity Entertainment (see note g) Payroll tax Travel expenses (see note h) Wages and Salaries Net Profit (Loss) 53,000 66,000 12,000 75,000 31,000 15,000 13,000 100,000 60,000 15,000 47,000 32,000 200,000 719,000 (66,000) W Additional Notes: A. The Opening stock value for tax purposes was $79,000. The stock value at the end of the year: Cost price ($33,000), Replacement price ($37,600) and Market Selling value $40,500). The company has not made an election under S.328-285(2) of ITAA97. B. On 31 December 2020 the company received a dividend of $62,000 (franked to 40%) from a resident public company. The company paying the dividend pays tax at a rate of 30%. C. Annual leave paid during the year was $34.000 Advertising Bank and Interest Charges Fringe Benefits Tax Provision for Annual Leave (see note c) Provision for Doubtful Debts (see note d) Gifts (see note e) Income Tax Instalments Depreciation (see note f) Electricity Entertainment (see note g) Payroll tax Travel expenses (see note h) Wages and Salaries Net Profit (Loss) 53,000 66,000 12,000 75,000 31,000 15,000 13,000 100,000 60,000 15,000 47,000 32,000 200,000 719,000 (66,000) W Additional Notes: A. The Opening stock value for tax purposes was $79,000. The stock value at the end of the year: Cost price ($33,000), Replacement price ($37,600) and Market Selling value $40,500). The company has not made an election under S.328-285(2) of ITAA97. B. On 31 December 2020 the company received a dividend of $62,000 (franked to 40%) from a resident public company. The company paying the dividend pays tax at a rate of 30%. C. Annual leave paid during the year was $34.000

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Answer 1 Calculation of Hamberg Kart Pty Ltds taxable income Hamberg Kart Pty Ltds taxable income ca... View the full answer