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due date. Accordingly, a final draft of thecontributions made by the other group members together with the work inprogress of the person requesting an extension, must be made available to thecourse co-ordinator upon request, otherwise normal late penalties will apply.
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Assignment 2 is a continuation of assignment 1, involving the tax affairs of Sheila BWright. In that question you were required to calculate assessable income based on theinformation provided and your analysis of that information. For the purpose of thissecond assignment you should take amount of assessable income to be $538,350.
Based on that amount as a starting point, you are required to deal with the followingadditional information in order to determine Sheila’s taxable income and tax payable
for the year ended 30 June 2009.
All information below relates to the 2009 financial year unless otherwise stated.
1. Sheila purchased new computer equipment for her staff to use in her practice on
1 April 2009. The computers cost $10,000 and have a limited useful life of 3years. The old computers had been fully depreciated in the year ending 30 June2007 but were sold off for $500 in total.
2. Sheila was concerned about financing her retirement so she paid $10,000 intoher complying superannuation fund. Sheila paid this amount by 30 June 2009.
3. Staff for Sheila’s accountancy practice worked very hard and Sheila recognisedthis. To show her appreciation for this hard work, Sheila invited her staff out fora meal together at Lenzerheide Restaurant. This meal cost $2,000. Sheila alsopaid for taxi travel to and from the restaurant to the value of $100.
4. Due to the hospital treatment she has been provided with for her diabetes, Sheila
gave a donation to the Royal Adelaide Hospital totalling $300. She also gave a
painting to Royal Adelaide Hospital to use as a prize in a raffle. This painting
was purchased at a garage sale in August 2008 at a cost of $250 but was recently
valued at $2,000 by two respected art dealers.
5. The bathroom in Sheila’s rental property started leaking water through the floor.
The plumber discovered that this was due to some copper pipes being corroded.
The plumber replaced all the pipes with new ones at a cost of $1,500. While the
plumber was there Sheila asked him to replace the tap ware in the basin and
shower with new taps at a cost of $750. The leaking water had lifted some tiles
away from the floor and walls so a tiler was hired at a cost of $200 to re-grout
the tiles. In June 2009 Sheila acquired a new rental property and was intending
to rent it out to tenants straight away but was annoyed to discover that the
electrical work was in need of repair. Sheila did not know this at the time of
purchase as the vendor has assured her the property was in good condition. The
cost of this electrical work cost $5,000.
6. One of Sheila’s clients did not pay for the accountancy work performed. Sheila
had invoiced that client on 1 September 2008 for $2,500. By the end of the 2009
year Sheila was told that the client had immigrated to the United Kingdom and
does not intend to return to Australia.
7. On 25 June Sheila received notices for council rates and land tax for the rental
property totalling $3,500. These were paid on 25 August 2009.
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8. Memberships to the Taxation Institute of Australia and the Institute of Chartered
Accountants in Australia totalling $1,500