Taxation of Law Answer 2022

Running head: TAXATION LAW
Taxation Law
Name of the Student
Name of the University
Authors Note
Course ID

TAXATION LAW1
Table of Contents
Answer to Part A: Personal Income Tax....................................................................................2
Requirement 1: Estimation of Assessable Income.................................................................2
Requirement 2: Value of Allowable Deductions...................................................................2
Requirement 3: Taxable Income............................................................................................2
Requirement 4: Offset............................................................................................................3
Requirement 5: Levies...........................................................................................................3
Requirement 6: Net Tax Payable...........................................................................................3
Part B: Personal Insurance Needs:.............................................................................................4
Answer to requirement A:......................................................................................................4
Answer to requirement B:......................................................................................................4
References:.................................................................................................................................6

TAXATION LAW2
Answer to Part A: Personal Income Tax
Requirement 1: Estimation of Assessable Income
Computation of Assessable Income and Tax Payable
In the books of Francesca
For the year ended 30th June 2018-19
Particulars Amount ($) Amount ($)
Assessable Income
Gross Salary 107224
Australian sourced interest income 169
Total Assessable Income 107393
Requirement 2: Value of Allowable Deductions
Allowable Deductions
Teachers' union fees 1072
Phone and Internet 1460
Electricity expenses 3175
Charity donations 695
Superannuation contributions 7506
Total Allowable deductions 13908
Requirement 3: Taxable Income
Computation of Assessable Income and Tax Payable
In the books of Francesca
For the year ended 30th June 2018-19
Particulars Amount ($) Amount ($)
Assessable Income
Gross Salary 107224
Australian sourced interest income 169
Total Assessable Income 107393
Allowable Deductions
Teachers' union fees 1072
Phone and Internet 1460
Electricity expenses 3175
Charity donations 695
Superannuation contributions 7506
Total Allowable deductions 13908