This document provides a collection of tax documentations and calculations for various scenarios. It includes calculations for taxable income, deductions, capital gains, and more. The content is relevant for students studying tax-related subjects.
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TAX DOCUMENTATIONS
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Q1-d. Taxable income of Will = $36,000 Taxable income of Tina = $22,000 no of dependants – 2 =(1500*2)=3000 = $61000*2%=1220 Q2- In the Books of Fred: ParticularsAmount $ Amount $ Assessable Income Taxable Income145,345 Reportable Fringe Benefits17,170162515 Income of Wife27000 Total Assessable Income189515 TaxonTaxableIncome (54097+45Cforeach$above 180000) 58378.5 Add: Medicare Levy@2%3,790.3 Add:MedicareLevy Surcharge@1% 1895.15 Less: PAYG Instalments13,480 Total Tax Payable 50584.2
Q3 Q5 Statement showing calculation of Yvette’s taxable income for the 2017/2018 tax year Amt $ Amt $ Interest (net)1000 Interest from United Kingdom (net)3000 Dividend from the U.S. State of Georgia6000 Gross salary-Australian employment26285 Reportable Fringe Benefit Summary6252 Bonus from Australian Employer for exceptional performance2000 Salary from New Zealand Employment15190 Total Assessable Income59727 Deductions: Interest and Dividend deductions relating to United Kingdom and Georgia investment 250 Work-related deductions relating to Australian Employment300 Total Allowable deductions550 Taxable Income59177 ParticularsAmount $ Amount $ Assessable Income: Gross Wages$78,000 Christmas Bonus$10200 Travel Allowances$2,800 Total Assessable Income$91000 Allowable Deductions: Health Insurance2,750 Fringe benefit taxes550 Superannuation Contribution10,000 Total Allowable Deductions$13,300 Total Taxable Income$73,500
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b Interest (net)1000 Interest from United Kingdom (net)3000 Dividend from the U.S. State of Georgia6000 Gross salary-Australian employment26285 Reportable Fringe Benefit Summary6252 Bonus from Australian Employer for exceptional performance2000 Salary from New Zealand Employment15190 Total Assessable Income59727 Deductions: Interest and Dividend deductions relating to United Kingdom and Georgia investment 250 Work-related deductions relating to Australian Employment300 Total Allowable deductions550 Taxable Income59177 Tax on Taxable Income10779.53 Add: Medical Levy1183.54 Total Tax11963.07 Less: Interest TFN510 Tax withheld490 Interest of UK Withheld300 US Dividend Withheld2100 PATG Withheld Tax5258 Tax withheld on new Zealand employment2540 Total tax witheld11198 Total Tax Payable765.07 Q6 Computation of Capital Gains ParticularsAmount $ Sales of Vacant Land125,000 Indexation Less: Cost Base(74000*1.639)121286.8 Capital Gains3713.25 Sales Proceeds from shares32,000
Less: Cost Base8,000 Capital Gains24,000 50% CGT Discount12,000 Capital Gains12,000 Q7 Capital Gain Tax Calculations for the Year Ended 2017 Indexed Capital Gains Amount $ Amount $ Shares in AAA: Sales Proceeds71000 Indexation Cost Base(48000*1.516556)72794.7 Capital loss1794.70 Indexed Capital loss- 1794.70 Share in BBB: Sales Proceeds77000 Cost Price(62000*1.315)81559.95 Capital loss4559.95 Indexed Capital loss- 4559.95 Share in CCC: Sales Proceeds35000 Cost Price(49000*1.1753)57592.9 Capital loss22592.9 Indexed capital loss- 22592.9 Total Capita loss28947 Capital Gain Tax Calculations for the Year Ended 2017 50% CGT Discount Amount $ Amount $
Shares in AAA: Sales Proceeds71000 Cost Price48000 Capital gains23000 50% CGT Discount11500 Share in BBB: Sales Proceeds77000 Cost Price62000 Capital Gains15000 50% Discount7500 Share in CCC: Sales Proceeds35000 Cost Price49000 Capital loss-14000 Capital Gain Tax Payable5000 Therefore, Brad should include in his assessable income the sum of $5,000 Q8 Six-year exemption Total No. of days the house was held as main residence = 365 x 8 years = 2920 days Total No. of days the house was not the main residence = 365 x 2 years = 730 days ParticularAmount $ Sales Proceeds705,000 Cost Price475,000 Assessable230,000 Total capital gains from CGT event No of days in ownership periodwhen thedwelling was not main residence TotalNoof dayswhen theproperty wasunder ownership
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Assessable Capital gains = 230,000 x (730 / 2920) 230,000 x 730 / 2920 = 57500 Q10 a. Calculation of Stan Taxable Income For the year ended 2016/2017 ParticularsAmount ($) Amount ($) Assessable Income Gross Wages85,000 Receipt of Superannuation Lump sum Taxable Component – Taxed element (up to low rate cap of $210,000) 100000 Total Taxable Income185000 b. Calculation of Stan Taxable Income For the year ended 206/2017 ParticularsAmount ($)Amount ($) Assessable Income Gross Wages85,000 Receipt of Superannuation Lump sum100000 Taxable Component – Taxed element (up to low rate cap of $190,000) 185000 Total Taxable Income63,232
Add: Taxable Component – Tax element (over the low rate cap) (100000 @ 17% = $19,550) 17000 Add: Medicare levy3700 Less: PAYG Lump sum28170 Less: PAYG Tax Withheld from salary22,110 Total Tax Payable33,652 Q11 Calculation of Tammy Taxable Income for the year ended 2017/2018 Particulars A. Amount ($)Amount ($) Assessable Income36,290 Super Income stream benefit40,000 Superannuation lump sum160000 Total Assessable Income236290 B. Assessable Income36,000 Super Income stream benefit40,000 Superannuation lump sum160000 Total Assessable Income236290 Total Taxable Income76290 Tax on Superannuation (160000*15%)24000 Tax on Taxable income16,341.2 5 Add: Medicare levy1,525.8 Less: PAYG Withheld9,780 Less: PAYG Tax9,035 Less: Superannuation Lump sum PAYG34,500 Total Tax Payable59447.95
No deductionNil (J) Calculation of Deductions for the year ended 2017/2018Amount $ Payment to Solicitor700 Total Allowable deductions700 (k) Calculation of Deductions for the year ended 2017/2018Amount $ Allowable on interest paid200 No deduction is allowed on income tax paid and penalties Q 16 Required: Calculate Ricky’s taxable income for the 2017/18 taxyear. In the books of Ricky for the year ended 2017/2018Amount $Amount $ Assessable Income: Gross Income1,638,940 Total Assessable Income1,638,940 Expenses Eligible as Deductions: Net Wages to employees743,900 Entertainment of employees5,380 Annual Leave paid14,780 Rent paid65,000 Employees superannuation contributions98,020 Personal superannuation50,000 Decline in value46,780 Other overhead paid69,330 Total Allowable Expenses1,093,190 Total Taxable Income545,750 Q18 A)Trevor Shop Fitting: 2
Opening adjustable value5600 Effective life (year)10 Depreciable value241.89 B) Opening adjustable value11,000 Effective life (year)5 Depreciable value2200 The Net amount of capital gains computation below: =($9,200 – $5000 ) -2200 = $ 2000 Q19 Calculation of Meghan Taxable Income 2017/2018Amount $Amount $ Assessable Income: Income Stream Benefit17,000 Gross Wages22,000 Australian Source Dividend Income: Fully Franked Dividend4,900 Franking Credit2,1007,000 Total Assessable Income46,000 Allowable Deduction: Private Health Insurance3,000 Total Allowable Deductions3,000 Total Taxable Income43,000 3
Tax on Taxable Income5,522 Medical Levy860 Franking Credits2100 Total Tax Payable4228 Q21 Calculate Karl’s net capital gain/loss for the 2017/18 taxyear. Calculate Karl’s Taxable Income for the year 2017/2018 Calculation of Capital Gains Amount $ Amount $ Quality Shares: Sales Proceeds18600 Purchase Price12000 Net Capital Gains6600 Oil Painting: Sales Proceeds5200 Purchase Price6000 Net Capital Loss-800 Crummy Shares: Sales Proceeds2500 Purchase Price4000 Net Capital Loss-1500 Net Capital Gains4300 4
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(b) Prepare a statement calculating Karl’s tax payable/refundable Calculation of Taxable Income in the books of Karl for the year 2017/2018 Amount $ Amount $ Assessable Income: Interest from Term Deposit17200 Interest on Saving Account350 Australian Source Rental Income: Gross Rent received15200 Australian Source Dividend Income: Franked Dividend2100 Franking Credits900 Net Capital Gains on Disposal of Shares: Gain on Sale of Quality Shares6600 Loss on Sale of Oil Painting-800 Loss on Sale of Crummy shares-1500 Net Capital gains4300 50%CGT Discount21502150 Total Assessable Income37900 Allowable Deductions: Agent Commission920 5
Council Rates1490 Mortgage Interests7900 Total Allowable Deductions10310 Total Taxable Income27590 Tax on Taxable Income1787.9 Add: Medical Levy551.8 Less: Franking Credits900 Total Net Tax Payable1439.7 6