2016 S2 Tax PDL Academy 买的题有道不太懂 大家讨论一下
During the financial year ended 30 June 2016, Embargo Ltd (Embargo) receives a fully franked dividend of $1,300. Embargo Ltd has allowable deductions of $2,400 and net exempt income of $240. In addition, the company makes a gift of $150 cash to a public hospital which is deductible under the gift provisions.
What is Embargo's taxable income (loss) for the year ended 30 June 2016?
A. Tax loss of ($1,490)
B. Tax loss of ($2,160)
C. Tax loss of ($1,100)
D. Tax loss of ($543)
评论
C, donation can not be added to tax loss
评论
发完我就整明白了。 答案：
Step 1 Tax loss (ignoring exempt income) is $543 ($1,300 franked dividend + $557 gross-up – $2,400 deductions)
Step 2 Divide the amount of the excess franking offset by the corporate tax rate
The excess franking offset under s. 36-55(1) is
$557 ($1,300 × 30% ÷ 70%)
$557 ÷ 30% = $1,857
（这步我原来没弄明白。s36-55，在有tax loss的情况下，可以把franking credit转成tax loss，书本621页）
Step 3 Add the results of Steps 1 and 2
$543 + $1857 = $2,400
Step 4 Reduce the result of Step 3 by the company’s net exempt income for the year. This amount is Embargo’s tax loss for the year:
$2,400 – $240 = $2,160
Therefore, Embargo Ltd is taken to have incurred a $2,160 tax loss for the year ended 30 June 2016.
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