Tax – Company - Technical overview

Tax schedule

Item	Field	Where can I find this?	What is it?	Example
1	Business income	Fact Find input	This occurs when a business is run through the trust.	120000
2	Rental Income	Calculated from asset register	Proparty assets * expected yield	0
5	Investment Income	Calculated from assets register	Investment assets * income yield	0
6	Franking Credits	Calculated from assets register	SUM OF: Investment income * (1 – Company tax rate) * Franking credit percentage.	0
7	Sub Total A	Calculated	SUM OF ITEMS 1-6	120000
8	CGT Assessable Income	Calculated from CGT register	The net assessable CGT income (Note: Capital gains can be distributed directly to beneficiaries. See CGT register)	0
9	Sub Total B	Calculated	ITEM 7 + ITEM 8	120000
10	Deductible Interest	Calculated	Calculated from debts	0
11	Other deductible expense items	Calculated	See expense register	0
12	Sub Total C	Calculated	ITEM 10 + ITEM 11	0
13	Taxable Income	Calculated	Item 9 – Item 12	120000
14	Existing tax losses	See fact find	Existing tax losses can’t be distributed, thus are carried forward to future years.	0
15	Initial taxable income	Calculated	Item 13 – Item 14	0
16	Final taxable income	Calculated	If initial taxable income is less than zero, than taxable income is reset to zero and tax losses are carried forward.	0
17	Tax payable	Calculated	Taxable income * company tax rate	36000

Item	Field	Where can I find this?	What is it?	Example
18	Dividend paid	Optimised	The dividend can be paid to invididual/s, a holding company or an existing trust.	120000
19	Franking credit	Caculated	The percentage of franking credit is calculated off the dividend paid and existing franking account	0