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QUESTION
Harald Dunn and his wife Evadne operate a successful snack packaging business, Healthy Snacks, in St Mary, Jamaica.
Harald Dunn and his wife Evadne operate a successful snack packaging business, Healthy Snacks, in St Mary, Jamaica. The bulk buying of the raw materials (nuts, dried fruits, etc), the packaging and delivery to corporate area shops are done by the members of the family.
The accounts for Mr. Dunn's business at 31st December 2014 showed a profit of $4,500,000 after charging:
- $180,000 depreciation of equipment and office furniture;
- $750,000 for salary to his wife Evadne who supervises the office, $496,000 to his 18 year old son Shane, and $1,720,000 to himself.
- $78,000 interest on a loan he had obtained to expand his business 3 years ago
What is Harold Dunn's Income Tax liability statement for the year of 2014?
