Alyssa and Austen commenced a car dealership business in 2019 as…

Question Answered step-by-step Alyssa and Austen commenced a car dealership business in 2019 as… Alyssa and Austen commenced a car dealership business in 2019 as equal partners. Each owns a 50% interest in assets of the partnership. The sales income derived by the partnership for the year ended 30 June 2022 is $16m.On 5 February 2022, the partnership sold a number of assets that were used in the partnership:Asset Small block of land (CGT asset)Capital gain $300,000 (not eligible for the 50% CGT discount)Coffee machine (depreciating asset)Deductible loss (balancing adjustment) $20,000The partnership also has the following expenses for the year ended 30 June 2022:Expenses$Miscellaneous deductible business expenses 9,200,000Salary to Austen500,000Salary to employees3,800,000Interest paid on a loan provided by Alyssa 60,000Losses brought forward from 2021 income year200,000The partnership also had $200,000 losses brought forward from the 2021 income year.You may assume that the CGT small business concessions do not apply.Question 4 [9 marks]Calculate the partnership’s net income and Alyssa’s share of the net income of the partnership for the year ended 30 June 2022 under s 92 ITAA36. Show all workings and explain any exclusions from the net income of the partnership. Law Social Science Tax law MLL 406 Share QuestionEmailCopy link Comments (0)