The following question is based on the material in Chapter 6 of the textbook Prepare Tax Documentation for Individuals" 17th edition 6.11.(Various concessions applied) Mac Hasi is a 40 year old resident taxpayer who operates an accounting practice. As a sole practitioner, Mac recognises his income and deductions on cash basis. He also elects to apply all available small business concessions. During the 2019/20 tax year, the following transactions related to his business RECEIPTS(excludes GST) Receipts from Clients $372000 Proceeds from sale of olf photocopier on 1/7/19(Currently in the general small business pool) $2700 PAYMENTS RELATING TO BUSINESS(excludes GST) Net wages paid to employees 94000 PAYG withheld from photocopier(1/7/19, effective life 6 years) 31000 Rent of office 62000 A 1 July 2019 30 June 2020 Debtors 31500 34700 General SBE Pool balance 48900 PAYG tax payable to ATO 2400 3800 Rent paid in advance ($2000 per month) 2000 4000 Calculate Mac's taxable income for the 2019/20 tax year. Answer to Q-6.11 (Various concessions applied) Note- Please show all workings where necessary and you may use additional space below Please write your workings/explanations and answers in Blue cells Mac Hasic is a 40-year-old resident taxpayer Enter receipt amount here Business Receipt Items (exclude GST) Write your Reasons or Workings (if applicable) Receipt Amount $ 372,000.00 2,700.00 Receipts from Clients Proceeds from photocopier Business Income $ Write your Reasons or Workings (if applicable) Enter deduction amount here $ Business Deduction Items (exclude GST) Net wages paid to employees PAYG withheld from wages Rent Decline in Value (Depreciation expense) 1. Photocopier (Purchased 1/7/19, effective life 6 years) 2. General SBE Pool Balance Business Deductions 94,000.00 24,000.00 62,000.00 Decline in Value (show your workings) 31,000.00 48,900.00 TAXABLE INCOME Additional Workings (if any) The following question is based on the material in Chapter 6 of the textbook Prepare Tax Documentation for Individuals" 17th edition 6.11.(Various concessions applied) Mac Hasi is a 40 year old resident taxpayer who operates an accounting practice. As a sole practitioner, Mac recognises his income and deductions on cash basis. He also elects to apply all available small business concessions. During the 2019/20 tax year, the following transactions related to his business RECEIPTS(excludes GST) Receipts from Clients $372000 Proceeds from sale of olf photocopier on 1/7/19(Currently in the general small business pool) $2700 PAYMENTS RELATING TO BUSINESS(excludes GST) Net wages paid to employees 94000 PAYG withheld from photocopier(1/7/19, effective life 6 years) 31000 Rent of office 62000 A 1 July 2019 30 June 2020 Debtors 31500 34700 General SBE Pool balance 48900 PAYG tax payable to ATO 2400 3800 Rent paid in advance ($2000 per month) 2000 4000 Calculate Mac's taxable income for the 2019/20 tax year. Answer to Q-6.11 (Various concessions applied) Note- Please show all workings where necessary and you may use additional space below Please write your workings/explanations and answers in Blue cells Mac Hasic is a 40-year-old resident taxpayer Enter receipt amount here Business Receipt Items (exclude GST) Write your Reasons or Workings (if applicable) Receipt Amount $ 372,000.00 2,700.00 Receipts from Clients Proceeds from photocopier Business Income $ Write your Reasons or Workings (if applicable) Enter deduction amount here $ Business Deduction Items (exclude GST) Net wages paid to employees PAYG withheld from wages Rent Decline in Value (Depreciation expense) 1. Photocopier (Purchased 1/7/19, effective life 6 years) 2. General SBE Pool Balance Business Deductions 94,000.00 24,000.00 62,000.00 Decline in Value (show your workings) 31,000.00 48,900.00 TAXABLE INCOME Additional Workings (if any)