LAW6300.TutorialPaper.No.5.2.2016

LAW6300.TutorialPaper.No.5.2.2016 - EDITH COWAN UNIVERSITY...

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EDITH COWAN UNIVERSITY PRINCIPLES OF TAXATION LAW – LAW6300 TUTORIAL PAPER NO. 5 2/2016 QUESTION 1 Tom has come to you to prepare his income tax return for the year ended 30 June 2016. A. Tom provides you with the following information: (1) He is a furniture retailer who specialises in selling chairs. (2) For the financial year ended 30 June 2016: (i) he had opening stock valued at $2 million; (ii) he purchased chairs for $10 million (exclusive of GST); (iii) his closing stock at the end of that financial year was valued at $5 million; and (iv) he sold furniture worth $10 million (exclusive of GST) all of which amount he has received. (3) The amount of $10 million received from the sale of furniture does not include an amount of $400,000 (exclusive of GST) which he had invoiced customers for the sale of chairs on 12 January 2016. However, only $375,000 of this (which is not part of the $10 million) has been received by 30 June 2016 even though the chairs have been delivered and there was no dispute.
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