Taxn301 Advanced Taxation|Taxable Income Assessment Answer
Required:
(a)Assume that the taxpayer is a company and a party to financial arrangements worth in total NZ$2.1 million. It does not use IFRS for financial reporting purposes. Calculate the taxpayer’s taxable income from this bond for the income years ended 31 March 2019 and 2020, respectively, using the YTM method under section EW 16.
(b)Assume now that the taxpayer carries on a business of dealing in bonds and has elected to account for this bond using the market value method in section EW 18. Recalculate its taxable income from this bond for the income years ended 31 March 2019 and 2020 assuming that it will also use a similar method for financial reporting purposes.
(c)Finally assume that the taxpayer qualifies to be a “cash basis person” under section EW 54. Calculate their taxable income from this bond for the income years ended 31 March 2019 and 2020.
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