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1、What does tax have to do with financial management?Financial managementTax Owners after-tax wealthIndividuals and businesses need to manage their finances to ensure they can pay their taxes.第1页/共28页An introduction to income taxationType of taxpayersIndividualsEmployees,self-employed persons running
2、their own businesses,and member of a partnership.CompaniesFiduciaries(信托）第2页/共28页An introduction to income taxationComputing taxable incomeAssessable income(应税收入）For Australian resident taxpayersFor business firmsAllowable deductions（可扣除项目）Examples第3页/共28页Example 2.1 calculation of taxable income:In
3、dividualJane Piper has been working as an apprentice plumber for J&S Plumbing.For the financial year just ended on 30 June she received gross wages of$35000.during the year she purchased protective clothing and boots costing$250 and she spent$250 on replacing some of her plumbing tools that had been
4、 damaged.She can claim both of these expenditure as allowable deductions.Please calculate the taxable income for Jane Piper.第4页/共28页Example 2.2 calculation of taxable income:BusinessDuring the financial year just ended on 30 June,J&S plumbing earned from the provision of plumbing services a gross in
5、come of$600,000.The cost of materials purchased during the year totaled$230,000 and other operating expenses were$100,000(the break-down of these costs is shown below).The business has$125,000 in debt outstanding,at a 16%per annum interest rate,which resulted in$20,000 interest expense for the year.
6、Please calculate the taxable income for J&S plumbing.第5页/共28页An introduction to income taxationComputing the income tax payableThe amount of taxable income The type of taxpayerThe income tax rate(average and marginal)Examples第6页/共28页Example 2.3 calculation of payable for an Individual taxpayerJane p
7、ipers taxable income is$34,500.Assuming that this income was earned in the financial year for which the individual tax rages in table 2.1 are applicable.Calculate her tax payable.第7页/共28页Example 2.4 calculation of tax payable for a business partnershipAssume that the business of J&S plumbing is cond
8、ucted as a partnership called J&S Plumbing.Under the partnership agreement there are two partners,with John Smith being entitled to 90%of the net income of the partnership and Sue Smith being entitled to 10%.They received no other income and were not entitled to any deductions.What are their tax pay
9、able?第8页/共28页Example 2.5 calculation of income tax payable for a companyLets assume that John and Sue Smith have established a company called J&S plumbing Limited to conduct the same business.The tax rate is 30%.Calculate the income tax payable for the company.第9页/共28页An introduction to income taxat
10、ionTiming of tax paymentsThe Australian tax system requires instalments of tax to be paid during the financial year in which the income is being earned.第10页/共28页An introduction to income taxationTax savingsA reduction in the amount of tax that is associated with a particular decision or action.A neg
11、ative tax saving occurs when a particular decision or action results in and increase in the amount of tax.Example:investment allowanceTax savings=change in taxable income X marginal tax rate第11页/共28页An introduction to income taxationSale of plant and equipmentWhen an investment involves the sale of
12、plant and equipment for an amount that is different from its tax depreciated value,any profit-on-sale will be taxed and any loss-on-sale will produce a tax saving.Example(p 34)第12页/共28页Income tax on companies and shareholdersShareholders have to obtain after-tax wealth from their investment in the c
13、ompany by either:Reveiving a dividend paid to them by companySelling their shares in the company at prevailing market prices(现行市价）.To determine the after-tax wealth of shareholders we need to be able to calculate the amount of income tax levied on:Company net incomeDividends received by shareholders
14、 from the companyCapital gains earned by shareholders when they sell their shares in the company.第13页/共28页Income tax on companies and shareholdersClassical tax systemA classical tax system applies a strict separation between a company that generates net income and its shareholders,which results in t
15、he double taxation of company net income.The company is required to pay tax on its taxable income The company can then pay dividends to its shareholdersThe shareholders are required to included the divident amount in their taxable income.Example 2.6第14页/共28页Income tax on companies and shareholdersDi
16、vidend imputation systemThe mechanics of the dividend imputation systemTax payable by individual shareholdersSurplus imputation creditsUnfranked dividendsPartially franked dividendsIntegration of the dividend imputation systemExtent of full integration of the dividend imputation system in Australia第
17、15页/共28页Income tax on companies and shareholdersDividend imputation systemThe mechanics of the dividend imputation systemTax payable by individual shareholdersSurplus imputation creditsUnfranked dividendsPartially franked dividendsIntegration of the dividend imputation systemExtent of full integrati
18、on of the dividend imputation system in Australia第16页/共28页Income tax on companies and shareholdersDividend imputation systemA tax system applying to companies and their shareholders,where the net income of the company is imputed to the shareholders and taxed at their marginal rate.Although company i
19、ncome is taxed twice-first at the company level and then again when dividends are received by the shareholders-the shareholders reveive a credit for the income tax paid by the company.第17页/共28页Income tax on companies and shareholdersThe mechanics of the dividend imputation systemFranked dividendsFra
20、nking creditsGrossing-up of franked dividends第18页/共28页Income tax on companies and shareholdersTax payable by individual shareholdersExample 2.7第19页/共28页Income tax on companies and shareholdersSurplus imputation creditsWhen an imputation credit exceeded the tax levied on the taxable income,we call th
21、e amount of this excess a surplus imputation credit.第20页/共28页Income tax on companies and shareholdersUnfranked dividendsIf no income tax has been paid by the company on the net income from which the dividend was derived,the diviend is called an unfranked dividend as it has no imputation credits.Exam
22、ple 2.8 and 2.9第21页/共28页Income tax on companies and shareholdersPartially franked dividendsWhen a company has a taxable income that is somewhat less than its accounting net income,any dividends paid to shareholders will be partially franked.Example 2.10 and 2.11第22页/共28页Income tax on companies and s
23、hareholdersIntegration of the dividend imputation systemFull integration occurs when the dividend imputation system produces the same amount of net income after tax for the owners of the business irrespective of whether the business is conducted as a a partnership or as a company.第23页/共28页Income tax
24、 on companies and shareholdersExtent of full integration of the dividend imputation system in AustraliaFull integrationNo integration Part integration第24页/共28页Implications of dividend imputation for business decision makingTaxation category 1Taxation category 2Taxation category 3第25页/共28页An introduction to capital-gains taxatoin第26页/共28页Implication of income tax and capital-gains tax on rates of return for shareholders第27页/共28页感谢您的观看。第28页/共28页