• Steps for calculating taxable income

    Follow the four steps below to calculate the taxable income for Case study 2: the Celadon Club:

    Step 1: Classify revenue

    Revenue

    Non-assessable income

    Assessable income

    Apportionable revenue

    Total

    Bar sales

     

     

    827,695

    827,695

    Bingo and raffle income

     

     

    23,496

    23,496

    Club luncheons - ticket sales

     

     

    22,500

    22,500

    Function room hire

     

    6,000

     

    6,000

    Interest received

     

    54,322

     

    54,322

    Keno commissions

     

    46,152

     

    46,152

    Lease income - restaurant

     

    10,000

     

    10,000

    Member subscriptions

    51,800

     

     

    51,800

    Poker machine revenue

     

     

    1,598,247

    1,598,247

    TAB commissions

     

    18,421

     

    18,421

    Vending machine commissions

     

    21,467

     

    21,467

    Total

    $51,800

    $156,362

    $2,471,938

    $2,680,100

      Last modified: 23 Jun 2016QC 23099