George operates a business that generated revenues of $50 million and allocable taxable income of $560,000. Included in the computation of allocable taxable income were $900,000 of business interest expense, $20,000 of business interest income, and $180,000 of depreciation. What is the maximum business interest deduction that George will be eligible to claim this year if the business does not qualify under the gross income test?

The deduction for business interest expense is limited to the sum ofbusiness interest income and30 percent of the adjusted taxable income of the taxpayer for the taxable year.

Mel Ltd has reported an accounting/net profit before income tax for the year ended 30 June 2021 of $645,000. Included in this profit are entertainment expenses (non-deductible) of $10,000. Mel Ltd also has accumulated tax losses carried forward of $60,000.On the basis of the above information, what is the tax payable of Mel Ltd for the year ended 30 June 2021 in accordance with the requirements of AASB112 Income Taxes?

A New Zealand business has a taxation balance date of 31 March. On the 30 January this year the business purchased a new asset for $63465. Installation costs were $12134. The allowable straight-line depreciation rate is 15.4% per annum for tax purposes. What is the maximum depreciation the business will be able to claim in its tax return this year? (The allowed rounding error for this question is within 1%. Please round your answer to the nearest dollar but exclude $ and , when typing your answer.)

If profit after tax and interest is $400,000, interest expense is $50,000 and taxation expense is $84,000, profit before interest and tax is:$291,000$484,000$450,000$534,000

A company has sales of Rs. 3,000,000, a gross profit margin of 30%, and operating expenses of Rs. 400,000. What is the company’s net income if the tax rate is 25% and there are no interest expenses?Rs. 525000Rs. 450000Rs. 500000Rs. 540000