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SMITH GROUP

TAX PROJECTION FOR THE YEAR 30 JUNE 2017


Smith Cleaning Pty Smith Finance Pty Smith Landscaping
Smith Family Trust John Smith Claudia Smith Total 2017 Total 2016
Ltd Ltd Pty Ltd
Income from trading
- Sales/ Fees Received 1,200,000 - - 600,000 1,800,000 5,000,000
- Insurance Recoveries 30,000
- FX Profit/(Loss) - - - - (600)
- Other Income 30,000 - - 1,000 31,000 10,000
Total trading income 1,260,000 - - 601,000 - - 1,831,000 5,009,400

Income from deposits with banks


- Interest Received on deposits with banks 5,000 - 200 400 400 6,000 8,000
- Interest Received on Term Deposits 10,000 -
- Interest Received - ATO - - - - -
- -
Dividends Received - -
- Ansell Limited 120 120 100
- Crown Resort Limited 50 50 50

Total investment income from third parties 15,000 - - 200 570 400 6,170 8,679

Total income from trading & investing activities 1,275,000 - - 601,200 570 400 1,837,170 5,018,079

Less: Cost Of Goods Sold (700,000) (321,000) (1,021,000) (4,000,000)

Gross Profit before related party payments & overheads 575,000 - - 280,200 570 400 816,170 1,018,079

Related Party Income and expenses - -


- Dividends - Smith Cleaning - 300,000 300,000 28,000
- Dividends - Smith Landscaping Pty Ltd - - - - - - -
- Salary & Wage -Smith Cleaning Pty Ltd 151,000 151,000 149,999
- Salary & Wage - Smith Landscaping Pty Ltd (72,000) 72,000 - -

Net Related Party Income / (Expenses) - 300,000 - (72,000) 151,000 72,000 451,000 177,999

Other Income - Non - Related Parties


- Parental Leave Pay - 11,281
- Balancing Adjustment For Sale of Toyota (Depreciating Asset) - 1,012
- -
Other Expenses - Non- Related Parties -
- Rent Paid (30,000) - - (22,000) (30,000) (29,494)
- Depreciation (30,000) - - (30,000) (20,064)
- All Other Expenses (150,000) - - (157,000) (900) (10) (150,000) (600,000)
- Motor Vehicle Expenses (15,500) (8,600) (15,500) -
Total Other Income/ Expenses (225,500) - - (179,000) (900) (8,610) (414,010) (637,265)

Income/(Loss) For Accounting Purposes 349,500 300,000 - 29,200 150,670 63,790 853,160 558,813

Add: Non Deductible Expenses/Assessable Income


- Entertainment 5,000 2,000 7,000 7,286
- Fines & Penalties - - - 450 - - 450 456
- Accounting Depreciation 30,000 - - 1,272 - - 31,272 482
- Superannuation Payable Current Year - 7,000 7,000 11,018
- Imputation credits on Dividends 128,571 128,571 12,000
- -
Less: Deductible/Non Assessable Income - -
- Superannuation Payable Prior Year (11,000) (11,000) (2,055)
- Tax Depreciation (30,000) (1,272) (31,272) (482)
- Brought Forward Tax Losses Deducted - - - - - - (496)
- -
Gross Taxable Income / (Tax Loss Carried Forward) 343,500 428,571 - 38,650 150,670 63,790 985,181 587,022
- -
Distributions - -
- Trust Distribution - Leone Family Trust (428,571) 428,571 - -
- -
Net Taxable Income / (Tax Loss Carried Forward) 343,500 - 428,571 38,650 150,670 63,790 1,970,363 1,174,045

Income Tax Expense 103,050 - 128,571 11,595 43,380 12,278 298,874 234,469
Medicare Levy @ 2% - - - - 3,013 1,276 4,289 4,824
Medicare Levy Surcharge - - - - - - - -
Temporary Budget Reapir Levy - - - - - - - -
Private Health Insurance Offset - Payable 450 450 900 830
- -
Less: TFN Withheld - - - - - - - -
Less: Offsets - - - - - - - -
Less: Imputation Credits on Dividends - (128,571) - (10) (128,581) (12,009)
- -
Net Tax Payable after Imp. Credits, before tax instalments 103,050 - - 11,595 46,833 14,004 175,482 228,113
30% 0% 0% 30% 29% 19% 8.91% 14.16%
Less:
PAYG Withholding - - - - (47,000) (16,000) (63,000) (55,693)
PAYG Instalment Paid: - - - - - - - -
Sep-16 (10,000) - - (2,000) - - (12,000) -
Dec-16 (10,000) (2,000) (12,000) (2,777)
Mar-17 (10,000) (2,000) (12,000) (10,999)
Jun-17 (10,000) (2,000) (12,000) (169,044)
- - - - - - - -
(40,000) - - (8,000) (47,000) (16,000) (111,000) (238,513)
Net Tax Payable / (Refundable) @ 30 June 2017 63,050 - - 3,595 (167) (1,996) 64,482 (10,400)
Lodgement Due Date 15/05/2018 15/05/2018 15/05/2018 15/05/2018 15/05/2018 15/05/2018

Summary of losses
Income Tax Losses carried forward - - - - - - - -
Capital Losses carried forward - - - - - - - -
Total losses to carry forward from 30 June 2017 - - - - - - - -
Retained Earnings 150,000 20,000 170,000 420,650
Franking Account Balance 50,000 3,000 53,000 52,864