Determination of Mitchel’s Taxable Income

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 question 1:.................................................................................................................2
Determination of Mitchel’s Taxable Income.............................................................................2
Answer B:...................................................................................................................................2
Answer to C:..............................................................................................................................3
Answer to D:..............................................................................................................................4
Reference:..................................................................................................................................5

TAXATION LAW2
Answer to question 1:
Determination of Mitchel’s Taxable Income
Computation of Taxable Income
In the books of Mitchel
For the year ended 30 June 2018-19
Particulars Amount ($) Amount ($)
Assessable Income
Gross salaries 31,050.00
Australian Sourced Interest Income
Term Deposit (5000 x 2.65%) x 10 months 1,325.00
Uniform Allowances 350.00
Total Assessable Income 32,725.00
Allowable Deductions
Work related travel expenses 1,157.00
Union fees 110.00
Depreciation for Tablet 299.67
Total Allowable Deductions 1,566.67
Total Taxable income 31,158.33
Answer B:
Computation of Taxable Income
In the books of Mitchel
For the year ended 30 June 2018-19
Particulars Amount ($) Amount ($)
Assessable Income
Gross salaries 31,050.00
Australian Sourced Interest Income
Term Deposit (5000 x 2.65%) x 10 months 1,325.00
Uniform Allowances 350.00
Total Assessable Income 32,725.00
Allowable Deductions
Work related travel expenses 1,157.00
Union fees 110.00
Depreciation for Tablet 299.67