财务管理第二章课件PPT课件

1、What does tax have to do with financial management?Financial managementTax Owners after-tax wealth Individuals and businesses need to manage their finances to ensure they can pay their taxes. 第1页/共28页An introduction to income taxation Type of taxpayers Individuals Employees, self-employed persons ru

2、nning their own businesses, and member of a partnership. Companies Fiduciaries(信托）第2页/共28页An introduction to income taxation Computing taxable income Assessable income(应税收入） For Australian resident taxpayers For business firms Allowable deductions（可扣除项目） Examples第3页/共28页Example 2.1 calculation of ta

3、xable income: Individual Jane 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

4、plumbing tools that had been 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: Business During the financial year just ended on 30 June, J& S plumbing earned from the pro

5、vision of plumbing services a gross income 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 re

6、sulted in $20,000 interest expense for the year. Please calculate the taxable income for J & S plumbing .第5页/共28页An introduction to income taxation Computing the income tax payable The amount of taxable income The type of taxpayer The income tax rate(average and marginal) Examples第6页/共28页Example

7、 2.3 calculation of payable for an Individual taxpayer Jane pipers 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 busi

8、ness partnership Assume that the business of J & S plumbing is conducted 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 receiv

9、ed no other income and were not entitled to any deductions. What are their tax payable?第8页/共28页Example 2.5 calculation of income tax payable for a company Lets 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

10、%. Calculate the income tax payable for the company.第9页/共28页An introduction to income taxation Timing of tax payments The 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 taxation Tax savings

11、 A reduction in the amount of tax that is associated with a particular decision or action. A negative tax saving occurs when a particular decision or action results in and increase in the amount of tax. Example :investment allowance Tax savings = change in taxable income X marginal tax rate第11页/共28页

12、An introduction to income taxation Sale of plant and equipment When an investment involves the sale of 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 ta

13、x on companies and shareholders Shareholders have to obtain after-tax wealth from their investment in the company by either: Reveiving a dividend paid to them by company Selling their shares in the company at prevailing market prices(现行市价）. To determine the after-tax wealth of shareholders we need t

14、o be able to calculate the amount of income tax levied on: Company net income Dividends received by shareholders from the company Capital gains earned by shareholders when they sell their shares in the company.第13页/共28页Income tax on companies and shareholders Classical tax system A classical tax sys

15、tem applies a strict separation between a company that generates net income and its shareholders,which results in the 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

16、included the divident amount in their taxable income.Example 2.6第14页/共28页Income tax on companies and shareholders Dividend imputation system The mechanics of the dividend imputation system Tax payable by individual shareholders Surplus imputation credits Unfranked dividends Partially franked dividen

17、ds Integration of the dividend imputation system Extent of full integration of the dividend imputation system in Australia第15页/共28页Income tax on companies and shareholders Dividend imputation system The mechanics of the dividend imputation system Tax payable by individual shareholders Surplus imputa

18、tion credits Unfranked dividends Partially franked dividends Integration of the dividend imputation system Extent of full integration of the dividend imputation system in Australia第16页/共28页Income tax on companies and shareholders Dividend imputation system A tax system applying to companies and thei

19、r shareholders,where the net income of the company is imputed to the shareholders and taxed at their marginal rate.Although company income 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 pai

20、d by the company.第17页/共28页Income tax on companies and shareholders The mechanics of the dividend imputation system Franked dividends Franking credits Grossing-up of franked dividends第18页/共28页Income tax on companies and shareholders Tax payable by individual shareholders Example 2.7第19页/共28页Income ta

21、x on companies and shareholders Surplus imputation credits When an imputation credit exceeded the tax levied on the taxable income,we call the amount of this excess a surplus imputation credit. 第20页/共28页Income tax on companies and shareholders Unfranked dividends If no income tax has been paid by th

22、e company on the net income from which the dividend was derived ,the diviend is called an unfranked dividend as it has no imputation credits. Example 2.8 and 2.9第21页/共28页Income tax on companies and shareholders Partially franked dividends When 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 shareh