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Determination of Taxable Income Assignment

   

Added on  2020-03-16

9 Pages1485 Words37 Views
Running head: PROFESSIONAL PRACTICE TAXATIONProfessional Practice TaxationName of the StudentName of the UniversityAuthors NoteCourse ID

PROFESSIONAL PRACTICE TAXATION1Table of ContentsAnswer to question 1:.................................................................................................................2Introduction:...............................................................................................................................2Discussion:.................................................................................................................................4Conclusion:................................................................................................................................5Answer to question 2:.................................................................................................................5Issue:..........................................................................................................................................5Discussion:.................................................................................................................................5Conclusion:................................................................................................................................6Reference List:...........................................................................................................................7

PROFESSIONAL PRACTICE TAXATION2Answer to question 1: Introduction:The current study is based on the determination of the taxable income of Jordan andCameron. The study will take into the considerations the amount of tax payable by Jordanand Cameron from their respective transactions. The study will additionally lay down theassumptions for considering and omitting the expenditure at the time of computing the taxliability. Computation of Taxable Income of JordanComputation of Taxable Income of JordanParticularsAmount ($)Amount ($)Assessable IncomeGross Salary180000Add: PayG 58000238000Australian Sourced Rental Income (Jordan Share)Rental Income from Holiday House (Jordan Share)2000Investment property Rental Income (Jordan Share)11000Australian Sourced Interest IncomeBank Account (Jordan Share)1000Superannuation Jordan80000Total Assessable Income332000Allowable Deductions Interest paid on mortgage home12000Interest paid on investment property23333Interest paid on holiday house13333Work Related Expenditure 2200Expenses on holiday homes6250Tax Agent Fees900Expenses on investment property 7500Total Allowable Deductions 65517Total Taxable Income266483Tax on Taxable Income93149Add: Medicare Levy5330Less: PayG58000Add: Taxable Value of Fringe Benefit Car4000

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