Murray Ltd purchased a machine on 1 July 2015 at a cost of $160,000. The machine is expected to have a useful life of 3 years (straight line basis)…

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Murray Ltd purchased a deed on 1 July 2015 at a consume of $160,000. The deed is expected to possess a adapted condition of 3 years (undeviating sequence premise) and no residual compute. For taxation purposes, the ATO allows the posse to detract the asset balance 4 years. The benefit-service anteriorly tax for the posse for the year issue 30 June 2016 is $450,000. The tax rebuke is 30%.

Required:

  1. a) Calculate the posse's taxable benefit-service and hence its tax payable for 2016.
  2. b) Determine the bland tax burden or bland tax payment that allure development.
  3. c) Prepare the certain register entries. 
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