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James operates a business specialising in washing

by | May 24

Quiz 6 – Attempt 2

Question 1 

Part A

James operates a business specialising in washing and shampooing animals. He trades under the name of “Doggy Dunk”. The business has an ABN (28 096 278 581) & is registered for GST. Income received is not considered to be personal services income. You have previously advised him that the business qualifies for the SBE concessions which were subsequently adopted in prior years. As the business has used cash-based accounting in prior years the tax return is to be prepared using this method.

The business’s depreciable assets have previously been allocated to a general small bu
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