Computation of Taxable Income of Percy

Added on - 28 May 2020

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Running head: TAXATION LAWTaxation LawName of the StudentName of the UniversityAuthors NoteCourse ID
TAXATION LAW1Table of ContentsAnswer to A:..............................................................................................................................2Answer to B:..............................................................................................................................3Answer to C:..............................................................................................................................4Answer to D:..............................................................................................................................7Reference and Bibliography:......................................................................................................8
TAXATION LAW2Answer to A:Computation of Taxable Income of PercyFor the year ended 2016/17ParticularsAmount ($)Amount ($)Taxable Income173060Tax free Component18200Tax on taxable income51664.251664.2Medicare Levy3461.22595.96057.1Total tax payable57721.3Tax withheld70000Franking Credit144071440Tax Refundable13718As evident from the above stated computations the below stated are the followingassumptions that are considered in computing the tax return of Percy Grainger;a.The receipts of salary would be considered for assessment undersection 6-5 of theITAA 1997(Barkoczy 2016).b.The dividend income derived by Percy would be subjected to franking credits of 30%of the total dividend derived.c.The computations of net capital gains are ascertained based on the 50% capital gainsdiscount from sales of assets and shares.d.Percy would be also entitled to deductions undersection 8-1 of the ITAA 1997, forthe expenses incurred in seminar as the they are directly related for work purpose(Tanet al.2016).e.Additionally, it has been found that Percy had incurred expenses on communicatingand the same would be considered as an allowable deduction undersection 8-1 of theITAA 1997.
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