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

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

2. 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.

4. 1. Aggregated annual turnoverOmega’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 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 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 2018and 30 June 2019 amounted to $33,000. This was the only interest earned by the company for the 2018/19 income year.

5. 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.

6. 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 Omega’s 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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