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Janet Brown Taxable Income and Advise

   

Added on  2020-04-01

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TAX CALCULATION AND ADVISEJANET BROWN TAXABLE INCOME AND ADVISENameCourse: Professor’s NameInstitutionCityDate

TAX CALCULATION AND ADVISEPart AJanet Brown Statement Of Taxable IncomeGain On For The Year Ending 30Th June 2018Gross Income=Income From Renting Newport Hse $2500*10=$25000 Sale Of Telstra Shares $(10000-5000) = $5000Gain On Sale Of Russian Babushka Doll $(17700-600)= $17100 Cost per each =1000/5=$200 Cost for 3=$200*3=600 Sale For 3=$5900*3=17700 Car Fringe Benefit = 30000-500 for petrol $25500 Total Gross Income= $72600Less Allowable DeductionsExpense on repairing the roof $22000 Installation of new air condition $4000 Interest paid on the Newport hse loan 3%*$30000=$9000Loss resulting from sale of Orica share $10000-$6000=$4000Court Fees $25000Total Allowable Deductions=22000+4000+9000+4000+25000= ($64000)Net Taxable Income =$72600-$64000= $8600Medicare Care Levy=2%*$72600=$1452

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