财务管理第二章课件.ppt

Chapter2,Thetaxenvironment,Objectives,CalculatethetaxableincomeandtaxpayableforAustralianindividualandcompanytaxpayers.UnderstandthebasicmechanicsoftheAustraliandividendimputationsystemandtheimplicationsfortheafter-taxwealthofshareholders.AppreciatesomeoftheimplicationsoftheAustraliantaxationsystemforthefinancialdecisionsofAustralianindividualsandbusinesses.UnderstandsomethingofthenatureofAustraliancapital-gainstaxation.Appreciatesomeoftheimplicationsofincometaxandcapital-gainstaxonratesofreturnforshareholders.,Whatdoestaxhavetodowithfinancialmanagement?,Financialmanagement,Tax,Ownersafter-taxwealth,Individualsandbusinessesneedtomanagetheirfinancestoensuretheycanpaytheirtaxes.,Anintroductiontoincometaxation,TypeoftaxpayersIndividualsEmployees,self-employedpersonsrunningtheirownbusinesses,andmemberofapartnership.CompaniesFiduciaries(信托）,Anintroductiontoincometaxation,ComputingtaxableincomeAssessableincome(应税收入）ForAustralianresidenttaxpayersForbusinessfirmsAllowabledeductions（可扣除项目）Examples,Example2.1calculationoftaxableincome:Individual,JanePiperhasbeenworkingasanapprenticeplumberforJ&SPlumbing.Forthefinancialyearjustendedon30Juneshereceivedgrosswagesof$35000.duringtheyearshepurchasedprotectiveclothingandbootscosting$250andshespent$250onreplacingsomeofherplumbingtoolsthathadbeendamaged.Shecanclaimbothoftheseexpenditureasallowabledeductions.PleasecalculatethetaxableincomeforJanePiper.,Example2.2calculationoftaxableincome:Business,Duringthefinancialyearjustendedon30June,J&Splumbingearnedfromtheprovisionofplumbingservicesagrossincomeof$600,000.Thecostofmaterialspurchasedduringtheyeartotaled$230,000andotheroperatingexpenseswere$100,000(thebreak-downofthesecostsisshownbelow).Thebusinesshas$125,000indebtoutstanding,ata16%perannuminterestrate,whichresultedin$20,000interestexpensefortheyear.PleasecalculatethetaxableincomeforJ&Splumbing.,Anintroductiontoincometaxation,ComputingtheincometaxpayableTheamountoftaxableincomeThetypeoftaxpayerTheincometaxrate(averageandmarginal)Examples,Example2.3calculationofpayableforanIndividualtaxpayer,Janepiperstaxableincomeis$34,500.Assumingthatthisincomewasearnedinthefinancialyearforwhichtheindividualtaxragesintable2.1areapplicable.Calculatehertaxpayable.,Example2.4calculationoftaxpayableforabusinesspartnership,AssumethatthebusinessofJ&SplumbingisconductedasapartnershipcalledJ&SPlumbing.Underthepartnershipagreementtherearetwopartners,withJohnSmithbeingentitledto90%ofthenetincomeofthepartnershipandSueSmithbeingentitledto10%.Theyreceivednootherincomeandwerenotentitledtoanydeductions.Whataretheirtaxpayable?,Example2.5calculationofincometaxpayableforacompany,LetsassumethatJohnandSueSmithhaveestablishedacompanycalledJ&SplumbingLimitedtoconductthesamebusiness.Thetaxrateis30%.Calculatetheincometaxpayableforthecompany.,Anintroductiontoincometaxation,TimingoftaxpaymentsTheAustraliantaxsystemrequiresinstalmentsoftaxtobepaidduringthefinancialyearinwhichtheincomeisbeingearned.,Anintroductiontoincometaxation,TaxsavingsAreductionintheamountoftaxthatisassociatedwithaparticulardecisionoraction.Anegativetaxsavingoccurswhenaparticulardecisionoractionresultsinandincreaseintheamountoftax.Example:investmentallowanceTaxsavings=changeintaxableincomeXmarginaltaxrate,Anintroductiontoincometaxation,SaleofplantandequipmentWhenaninvestmentinvolvesthesaleofplantandequipmentforanamountthatisdifferentfromitstaxdepreciatedvalue,anyprofit-on-salewillbetaxedandanyloss-on-salewillproduceataxsaving.Example(p34),Incometaxoncompaniesandshareholders,Shareholdershavetoobtainafter-taxwealthfromtheirinvestmentinthecompanybyeither:ReveivingadividendpaidtothembycompanySellingtheirsharesinthecompanyatprevailingmarketprices(现行市价）.Todeterminetheafter-taxwealthofshareholdersweneedtobeabletocalculatetheamountofincometaxleviedon:CompanynetincomeDividendsreceivedbyshareholdersfromthecompanyCapitalgainsearnedbyshareholderswhentheyselltheirsharesinthecompany.,Incometaxoncompaniesandshareholders,ClassicaltaxsystemAclassicaltaxsystemappliesastrictseparationbetweenacompanythatgeneratesnetincomeanditsshareholders,whichresultsinthedoubletaxationofcompanynetincome.,Thecompanyisrequiredtopaytaxonitstaxableincome,Thecompanycanthenpaydividendstoitsshareholders,Theshareholdersarerequiredtoincludedthedividentamountintheirtaxableincome.,Example2.6,Incometaxoncompaniesandshareholders,DividendimputationsystemThemechanicsofthedividendimputationsystemTaxpayablebyindividualshareholdersSurplusimputationcreditsUnfrankeddividendsPartiallyfrankeddividendsIntegrationofthedividendimputationsystemExtentoffullintegrationofthedividendimputationsysteminAustralia,Incometaxoncompaniesandshareholders,DividendimputationsystemThemechanicsofthedividendimputationsystemTaxpayablebyindividualshareholdersSurplusimputationcreditsUnfrankeddividendsPartiallyfrankeddividendsIntegrationofthedividendimputationsystemExtentoffullintegrationofthedividendimputationsysteminAustralia,Incometaxoncompaniesandshareholders,DividendimputationsystemAtaxsystemapplyingtocompaniesandtheirshareholders,wherethenetincomeofthecompanyisimputedtotheshareholdersandtaxedattheirmarginalrate.Althoughcompanyincomeistaxedtwice-firstatthecompanylevelandthenagainwhendividendsarereceivedbytheshareholders-theshareholdersreveiveacreditfortheincometaxpaidbythecompany.,Incometaxoncompaniesandshareholders,ThemechanicsofthedividendimputationsystemFrankeddividendsFrankingcreditsGrossing-upoffrankeddividends,Incometaxoncompaniesandshareholders,TaxpayablebyindividualshareholdersExample2.7,Incometaxoncompaniesandshareholders,SurplusimputationcreditsWhenanimputationcreditexceededthetaxleviedonthetaxableincome,wecalltheamountofthisexcessasurplusimputationcredit.,Incometaxoncompaniesandshareholders,UnfrankeddividendsIfnoincometaxhasbeenpaidbythecompanyonthenetincomefromwhichthedividendwasderived,thediviendiscalledanunfrankeddividendasithasnoimputationcredits.Example2.8and2.9,Incometaxoncompaniesandshareholders,PartiallyfrankeddividendsWhenacompanyhasataxableincomethatissomewhatlessthanitsaccountingnetincome,anydividendspaidtoshareholders