Holiday Fun Pty Ltd ran a caravan and leisure resort in coastal Victoria but ran into financial
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Question:
Holiday Fun Pty Ltd ran a caravan and leisure resort in coastal Victoria but ran into financial problems and for the year ended 30 June 2020 the company made a tax loss of $80,000. On 1 July 2020 the company decided to change its business completely and closed down the caravan and leisure resort and instead operated a public hotel in the local coastal town. For the year ended 30 June 2021, Holiday Fun Pty Ltd made a net profit (before any losses were applied) of $140,000.
Required:
Determine Holiday Fun's taxable income for the year ended 30 June 2021, discussing the application of relevant legislation and showing all calculations.
Related Book For
Fundamentals of corporate finance
ISBN: 978-0470876442
2nd Edition
Authors: Robert Parrino, David S. Kidwell, Thomas W. Bates
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