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Case Study on Tax

   

Added on  2020-03-16

11 Pages1368 Words36 Views
Running head: TAXTaxName of the Student:Name of the University:Authors Note:

1TAXTable of ContentsAssessment 1...................................................................................................................................2Task 1...........................................................................................................................................2Task 2...........................................................................................................................................3Assessment 2...................................................................................................................................4Case study 1.................................................................................................................................4Case Study 2................................................................................................................................5Case Study 3................................................................................................................................6Case Study 4................................................................................................................................6Assessment 3...................................................................................................................................7Question 1....................................................................................................................................7Part A...........................................................................................................................................7Part B...........................................................................................................................................8Question 2....................................................................................................................................9Question 3....................................................................................................................................9

2TAXAssessment 1Task 1Ryan's Statement showing calculation of Income tax LiabilityParticularsAmountAmountGross Wages $ 78,800.00 70%franked dividend from F/S Ltd-amount received $ 2,900.00 Franking credit $ 870.00 Gross Dividend $ 3,770.00 Honorarium for duties as president of the swim club $ 350.00 Unfranked dividend from Back Ltd $ 1,750.00 Fully franked dividend from F/S Ltd-amount received $ 3,300.00 Franking credit $ 1,414.29 Gross Dividend $ 4,714.29 Bank interest $ 103.00 Tax deducted $ 97.00 Gross bank interest $ 200.00 Assessable Income $ 89,584.29 DeductionsPurchase of compulsory uniform $ 480.00 Laundry of uniform(estimate) $ 75.00 Investment journals $ 230.00 Sunglass used for driving $ 150.00 Total Allowable Deduction $ 935.00 Taxable Income $ 88,649.29 Income Tax Liability (17550+(88649-80000)X37%) $ 20,750.24 Medicare Levy (88649X1.5%) $ 1,329.74 Medicare Levy Surcharge (88649X1%) $ 886.49 HELP Repayment (less of 6600 or 8% of 88649) $ 6,600.00 $ 29,566.47 Less:Franking Credit $ 2,284.29 TFN tax deduction $ 97.00 PAYG Withheld $ 20,500.00 $ 22,881.29 Net Tax Payable $ 6,685.18

3TAXTask 2Allowable deductionStatement Showing calculation of deduction available to HaydenParticularsFormulaAmountEspresso Machine (4,410/5) x 2 $ 1,764Pizza Oven (15,753/10) x 2 $ 3,151Nissan 60% for business(26,917/8) x (2) x (9/12)x (0.6) $ 3,028Adjustment of balance(26,917-3,028) = 23,889- 25,000 $ (1,111.00)Motor vehicle(57,466/8) x (2) x (3/12) $ 3,591.63Cash Register(1,400/8) x (8/12) x (2) $ 233New tables and chairs(2,800/5) x (2) x (6/12) $ 560.00Construction Capital Works(11,500 x 0.025) x (7/12) $ 167.71Low Value Pool(990+163+47) $ 1,200.00Total Allowable deduction $ 12,584Statement showing calculation of Low value pool assetsParticularsFormulaAmount ($)Opening balance2640Add:Ceiling Fan870I Phone 4S250Less:Decline in value2640X37.5%-990Ceiling Fan870X18.75%-163I Phone 4S250X18.75%-47Sales proceed-230Closing Balance2330

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