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Your client (use your own name as the client name) is the sole director of Purple Rain Pty Ltd The business employs five staff members including your client who holds the position of managing direct

Your client (use your own name as the client name) is the sole director of Purple Rain Pty Ltd. The business employs five staff members, including your client who holds the position of managing director. Purple Rain analyses financial information and provides investment advice to registered clients. The payment summary from Purple Rain Pty Ltd shows the following: ? ABN 84 111 122 223 ? Gross Payments $156,000 ? Tax Withheld $48,337 Purple Rain also paid $94 a month for your client’s mobile phone account and additional superannuation contributions of $5,200 under a salary sacrifice arrangement. This amount is in addition to superannuation guarantee requirements. The phone payments related to a fixed monthly contract in the employee’s name and payments were made directly to the phone company by the employer. Your client owns an BMW X5. They purchased the car on 1 June 2018 for $99,000. The car travelled 36,500 kms during the year and your client has indicated that about 70% is work related but they have not kept a log book. Your client pays for all the running costs for the vehicle. During the year these costs included: Fuel & oil $6,950 Servicing $1,200 Registration $ 760 Insurance $1,800 Tyres $1,400 Excess on insurance claim. The insurance company paid for the balance of the cost of repairs. $750 Car washing $1,200

Feb 11 2020 View more View Less

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