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BFA714 BFA714 Australian Australian Tax Tax Law Law -- Omega Omega Pty Pty Ltd Ltd Case Case Study Study -- Tax Tax Law Law Assignment Assignment Help Help


Omega Pty Ltd (‘Omega’) accounts for income and expenditure on an accruals basis. A review of the financial records for the financial year ending 30 June 2019 reveals the following details.


1. Aggregated annual turnover Omega’s aggregated annual turnover for 2017/2018 was $9 million. The company is not sure whether it qualifies as a small business entity, but if it does, it wishes to use all of the concessions available. 2. Interest Omega placed $1,000,000 on a twelve-month term deposit with the BNZ Bank on 1 November 2017. On maturity, the bank was instructed to transfer the interest amount of $50,000 to Omega’s trading account and reinvest the principal of $1,000,000 for a further twelve-month term deposit. The interest accrued between 1 November 2018 and 30 June 2019 amounted to $33,000. This was the only interest earned by the company for the 2018/19 income year.


3. Rent Omega Pty Ltd owns a small office building in Moonah, which is let to a waste management operator. The rent for this building is $5,000 per month, payable one month in advance. On 30 June 2019, the tenant paid Omega an extra 2 months’ rent in advance. This amount of $10,000 may have to be refunded in the event that the tenant is precluded from using the premises for its intended purpose. 4. Royalties Omega Pty Ltd received a royalty of $100,000 from its New Zealand subsidiary on 20 June 2019. New Zealand Non-Resident Withholding Tax (NRWT) of 15% was deducted from this payment, leaving a net receipt of $85,000.


On 15 March 2019, trading stock in transit was stolen. A claim for insurance was finalised on 30 June 2019 and Omega expects to receive $30,000 in respect of its insurance claim within three weeks. This amount has been taken up as a sundry debtor in the Statement of Financial Position. 6. Dividends Omega Pty Ltd owns shares in Rio Tinto, a publicly listed company. On 15 June 2019, Rio Tinto declared a fully franked dividend, of which Omega’s share amounted to $45,000. This dividend was paid on 25 June 2019. 7. Trade debtors Trade Debtors of $250,000 includes a provision for doubtful debts of $20,000. Last year this provision was $10,000. 8. Repairs Repairs and maintenance expenses include the items below.


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BFA714 Australian Tax Law - Omega Pty Ltd Case Study - Tax Law Assignment Help  

BFA714 Australian Tax Law - Omega Pty Ltd Case Study - Tax Law Assignment Help, Download the solution from our Tax Law assignment expert. Fo...

BFA714 Australian Tax Law - Omega Pty Ltd Case Study - Tax Law Assignment Help  

BFA714 Australian Tax Law - Omega Pty Ltd Case Study - Tax Law Assignment Help, Download the solution from our Tax Law assignment expert. Fo...

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