ABKA551 - Fundamentals of Income Tax Assessment 2026 | The Career Academy NZ

Fundamentals of Income Tax

Read through the requirements below, and then complete all parts of the assessment and then save your work as either a Word document or a PDF file. Once you have saved your work click on the Assessment Submission link within this topic and upload your completed assessment to your tutor for marking.

Part A: 

Background

Bend-it Physio Limited has been operating for a number of years.

They have a 30th June balance date and the Profit and Loss Statement for the year ended 30thJune20XX is presented below. It is time to prepare the income tax return for the year and Bend-it have asked for your help.

After some investigation, you have noted the following:

1. Accounting depreciation is $1,200 greater than the depreciation calculated using the permitted depreciation rates from the ATO.
2. The Dividends received have no franking credits attached to them.
3. Speeding tickets were incurred by the Director who was speeding on his way to work so he didn't miss a meeting.
4. The company has a loss of $10,800 brought forward which it can claim.
5. Legal fees relate to the purchase of an office space that the business will move into next year.