SMITH

FAMILY GROUP
TAX SUMMARY FOR THE YEAR 30 JUNE 2016
Smith Constructions Smith Investment Smith Consulting Pty
Smith Family Trust Smith Finance Pty Ltd Nathan Smith Laura Smith Total 2016
Pty Ltd Trust Ltd
Income from trading
- Fees Received 7,000,000
- - - 400,000 7,400,000
- FX Profit/(Loss) (644) - - - - (644)
- Other Income 2,000 - - - - 2,000
Total trading income 7,001,356 - - - 400,000
- - 7,401,356

Income from deposits with banks

- Interest Received on deposits with banks 7,814 - 230
20 233 8,297
- Interest Received - ATO - - - - - -

Dividends Received
- Telstra Limited 118

- Coca Cola Amatil Limited 51 51

Total investment income from third parties 7,814 - - - 230

189
233
8,348

Total income from trading & investing activities 7,009,170 - - - 400,230

189
233
7,409,704

Less: Cost Of Goods Sold (5,900,000) (274,235)

(5,900,000)

Gross Profit before related party payments & overheads 1,109,170 - - - 125,995
189
233
1,509,704

Related Party Income and expenses -

- Dividends - Smith Constructions - 28,000 28,000
- Dividends -Smith Consulting Pty Ltd - - - - - - -
- Salary & Wage - Smith Constructions Pty Ltd 149,999 149,999

- Salary & Wage - Smith Consulting Pty Ltd (47,747)
47,747 -

Net Related Party Income / (Expenses) - 28,000 - - (47,747)

149,999 47,747 177,999

Other Income - Non - Related Parties

- Parental Leave Pay 11,281 11,281
- Balancing Adjustment For Sale of Ford (Depreciating Asset) 1,012

Other Expenses - Non- Related Parties

- Rent Paid (29,494)
- - - (5,376) (29,494)

- Depreciation (20,064)
- - - (20,064)

- All Other Expenses (803,284)
- - - (56,127)
(865) (12)
(803,284)
- Motor Vehicle Expenses (8,622) -
Total Other Income/ Expenses (852,842)
- - - (61,503)
147
2,647 (911,551)

Income/(Loss) For Accounting Purposes 256,328

28,000 - - 16,745 150,335
50,627 776,152

Add: Non Deductible Expenses/Assessable Income

- Entertainment 5,390 1,896 7,286
- Fines & Penalties - - - - 456
- - 456

- Accounting Depreciation - - - - 482
- - 482

- Superannuation Payable Current Year 11,018 11,018
- Imputation credits on Dividends 12,000
-
Less: Deductible/Non Assessable Income -
- Superannuation Payable Prior Year (2,055) (2,055)
- Tax Depreciation (482) (482)
- Brought Forward Tax Losses Deducted - - - - (496) - - (496)
-
Gross Taxable Income / (Tax Loss Carried Forward) 270,681
40,000 - - 18,601 150,335
50,627 792,361

-
Distributions -
- Trust Distribution - Smith Family Trust (40,000)
40,000 -
-
Net Taxable Income / (Tax Loss Carried Forward) 270,681
40,000 - - 18,601 150,335
90,627 1,584,722

Income Tax Expense 81,204 - - - 5,580 43,650 21,479 151,913

Medicare Levy - - - - - 3,011 1,813 4,824
Medicare Levy Surcharge - - - - - - - -
Temporary Budget Reapir Levy - - - - - - - -
Private Health Insurance Offset - Payable 415
415
830

-
Less: TFN Withheld - - - - - - - -
Less: Offsets - - - - - - - -
Less: Imputation Credits on Dividends - - - - (9) (12,000) (12,009)

-
Net Tax Payable after Imp. Credits, before tax instalments 81,204 - - - 5,580 47,067 11,707 145,558

30% 0% 0% 0% 30% 29% 24% 9.19%
Less:
PAYG Withholding - - - - - (46,488)
(9,205) (55,693)
PAYG Instalment Paid: - - - - - - - -
Sep-15 - - - - - - - -
Dec-15 (1,945) (900) (2,845)
Mar-16 (10,167)
(900) (11,067)

Jun-16 (60,120)
(900) (61,020)

- - - - - - - -
(72,232)
- - - (2,700) (46,488)
(9,205) (130,625)
Net Tax Payable / (Refundable) @ 30 June 2016 8,972 - - - 2,880 579
2,502 14,933
Lodgement Due Date 15/05/17 15/05/17 15/05/17 15/05/17 15/05/17 15/05/17 15/05/17

Summary of losses
Income Tax Losses carried forward - - - - - - - -
Capital Losses carried forward - - - - - - - -
Total losses to carry forward from 30 June 2016 - - - - - - - -
Retained Earnings 450,000
3,146 453,146

Franking Account Balance 40,000 1,664 41,664