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Australian Income Taxation Law - PDF

   

Added on  2020-12-29

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Australian Income Taxation Law - PDF_1

TABLE OF CONTENTSINTRODUCTION...........................................................................................................................1QUESTION 1...................................................................................................................................1Piper’s income tax liability for CIY.......................................................................................1QUESTION 2...................................................................................................................................3David’s income tax liability for CIY......................................................................................3QUESTION 3...................................................................................................................................3Piper claiming deductions for associated costs in Australian Income Tax............................3CONCLUSION................................................................................................................................4REFERENCES................................................................................................................................5
Australian Income Taxation Law - PDF_2

INTRODUCTIONIncome tax return payments has been payable by citizens in a country. Implication ofvarious acts, laws section in terms of identifying the suitable taxes will be levied on personalincome of an individual. In the present report there will be ascertainment of assessable incomegenerated by an Australian couple in a current financial year (CIY). Henceforth, there will beimplication of various taxation rulings and sections from several acts which will be helpful inbringing them allowable deductions.QUESTION 1Piper’s income tax liability for CIYIn relations with analysing assessable income of Piper which is receiving income from twosources. She works as a guest lecturer in Bo-tom University as well as also enrolled in volunteerat local WA a private law firm (Cassidy, 2017). These are the two sources of her income alongwith, there have been various expenses which she made for personal and for official use.Claiming the deduction in her assessable income will help in reducing the tax payable by her onher income. She has a health insurance from a private health institution which she is not liable tomake any of the surplus payment for Medicare levy. PAYG has been withhold by her that will bedeductible from taxation (Jing, 2017). Moreover, she has bought a printer that will be used forofficial as well as personal purposes. In addition, all income and expense will be analysed withthe motive of determining the suitable taxes that has to be payable by her in current income year.Income tax liability of PiperParticularsDetailsAmount (in $)Bo- tom university Guest lecturer42500volunteer local WA155000less: health insurance250Total Income197250less: Allowable deductionsDepreciation on portable printer63.56Tickets Nouveau Opera Theatre800Total allowable deductions863.561
Australian Income Taxation Law - PDF_3

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