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

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BFA714 Australian Tax Law - Omega Pty Ltd Case
Study - Tax Law Assignment Help
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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 2019reveals the following details.
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1. Aggregated annual turnoverOmegas 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 useall of the concessions available. 2.
InterestOmega 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 Omegas trading account and reinvest
the principal of 1,000,000 for a further
twelve-month term deposit. The interest accrued
between 1 November 2018and 30 June 2019 amounted
to 33,000. This was the only interest earned by
the company for the 2018/19 income year.
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3. RentOmega 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 onemonth 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 thetenant is precluded from using the
premises for its intended purpose. 4.
RoyaltiesOmega 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 wasdeducted from this payment,
leaving a net receipt of 85,000.
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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 itsinsurance claim within three
weeks. This amount has been taken up as a sundry
debtor in the Statement of Financial Position. 6.
DividendsOmega Pty Ltd owns shares in Rio Tinto,
a publicly listed company. On 15 June 2019, Rio
Tinto declared a fully franked dividend, of which
Omegas share amountedto 45,000. This dividend
was paid on 25 June 2019. 7. Trade debtorsTrade
Debtors of 250,000 includes a provision for
doubtful debts of 20,000. Last year this
provision was 10,000. 8. RepairsRepairs and
maintenance expenses include the items below.
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