Calculation of Income Tax and Medicare Levy Payable - Desklib

This document provides detailed calculations of income tax and medicare levy payable for the year ended 30th June 2019. It includes solved assignments for taxation law and is a part of the course curriculum for various universities. The document also includes a bibliography for further reference.

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

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Answer 1:
Ans -
A Calculation of Income Tax Payable
For the year ended 30th June 2019
Particulars Amount ($)
Taxable Income 15,000
Tax on Taxable Income 0
$0 to $18,200 Exempted
Total Tax Payable $0
Ans -
B Particulars
Amount
($)
Taxable Income 15,000
Tax on Taxable Income
$0 to $90,000 (32.5c for each $1) 4,875
Total Tax Payable 4,875
Ans -
C Particulars
Amount
($)
Taxable Income 15,000
Tax on Taxable Income
Upto $25 million @27.5% 4125
Total Tax Payable 4125
Ans -
D Particulars
Amount
($)
Taxable Income 1,55,000
Tax on Taxable Income
Upto $90,001 – $180,000 ($20,797
plus 37c for each $1 over $90,000) 44,847
Total Tax Payable 44,847
Ans-E Particulars
Amount
($)
Taxable Income 1,55,000
Tax on Taxable Income

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Upto $90,001 – $180,000 ($29,250
plus 37c for each $1 over $90,000) 53,300
Ans - F Particulars
Amount
($)
Taxable Income 1,55,000
Tax on Taxable Income
Upto $25 million @27.5% 42625
Total Tax Payable 42625
Particulars
Amount
($)
Ans-
G Taxable Income 2,55,000
Tax on Taxable Income
Upto $180,000 54,097
Over $180,000 ($54,097 plus 45c
for each $1 over $180,000) 33,750
Total Tax Payable 87,847
Particulars
Amount
($)
Ans-H Taxable Income 2,55,000
Tax on Taxable Income
Upto $180,000 62,550
Over $180,000 ($62,550 plus 45c
for each $1 over $180,000) 33,750
Total Tax Payable 96,300
Ans-I Particulars
Amount
($)
Taxable Income 2,55,000
Tax on Taxable Income
Upto $25 million @27.5% 70125
Total Tax Payable 70125

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Ans - J Particulars
Amount
($)
Taxable Income 100
Tax on Taxable Income
Upto $25 million @27.5% 27.5
Total Tax Payable 27.5
Answer 2:
Calculation of Medicare Levy and Medicare Levy Surcharge
For the year ended 30th June 2019
Ans - A Particulars (AUD$)
Taxable Income 18,000
Medicare Levy 0
Surcharge 0
Total Medicare Levy and Surcharge Payable 0
Ans - B Particulars (AUD$)
Taxable Income 32,000
Medicare Levy 0
Surcharge 0
Total Medicare Levy and Surcharge Payable 0
Ans - C Particulars (AUD$)
Taxable Income 45,000
Medicare Levy 900
Surcharge 0
Total Medicare Levy and Surcharge Payable 900
Ans - D Particulars (AUD$)
Taxable Income 45,000
Medicare Levy Exempted
Surcharge Exempted
Total Medicare Levy and Surcharge Payable Exempted

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Ans - E Particulars (AUD$)
Taxable Income 25,00,000
Medicare Levy Exempted
Surcharge Exempted
Total Medicare Levy and Surcharge Payable Exempted
Ans - F Particulars (AUD$)
Taxable Income 1,10,000
Medicare Levy 2200
Surcharge 0
Total Medicare Levy and Surcharge Payable 2200
Ans - G Particulars (AUD$)
Taxable Income 1,10,000
Medicare Levy 2200
Surcharge
$
27.50
Total Medicare Levy and Surcharge Payable 2227.5
Ans - H Particulars (AUD$)
Taxable Income 1,50,000
Medicare Levy 3000
Surcharge
$
33.90
Total Medicare Levy and Surcharge Payable 3033.90
Ans - I Particulars (AUD$)
Taxable Income 1,80,000
Medicare Levy 2200
Surcharge
$
22.00
Total Medicare Levy and Surcharge Payable 2222
Ans - J Particulars (AUD$)
Minimum thershold (A)
$
1,80,000.00
Increase in threshold per child
$
1,500.00

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No. of child after first child
$
3.00
Total increase in thershold (B)
$
4,500.00
Total Minimum Thershold (A+B)
$
1,84,500.00
Answer 3:
Calculation of Income Tax Payable
In the Books of Rob
For the year ended 30 June 2018
Particulars (AUD
$)
(AUD
$)
Assessable Income
Salary 32,000
Bank Interest 150
Add: PayG 2,600
Total Assessable Income 34,750
Expenses Eligible for Deductions
Special work clothing 450
Total Allowable Deductions 450
Taxable Income under Section 4-15 ITAA 1997 34,300
Taxable Payable under Section ITRA 1986 3059
Add: Medicare Levy 686
Less: PayG Withheld 2600
Total Tax Payable 1,145
Answer 4:
Calculation of Taxable income and Tax payable
In the Books of Rafael
For the year ended 30th June 2018
Particulars (AUD $) (AUD $)
Assessable Income
Gross Salary 68000
Dividend Income
Fully Franked Dividend 2000
Gross Up Franking Credit (2000x30/70) 857.14 2857.1429
Un-franked Dividend 1000

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60% Franked Dividend 900
Gross up Franking Credit (900x60%)x(30/70) 231.43 1,131.43
Total Assessable Income under (S4-15 ITAA 1997) 72,988.57
Taxable Payable under S-ITRA 1986
Tax on Taxable Income 15,268
Add: Medicare Levy 1,459.77
Less: Franking Credits 1,088.57
Less: PayG Withholding 15,100
Total Tax Payable 539.20

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Bibliography:
Murray, I., Taylor, J., Walpole, M., Burton, M. and Ciro, T., 2018. Understanding Taxation
Law 2019.
Woellner, R., Barkoczy, S., Murphy, S., Evans, C. and Pinto, D., 2016. Australian Taxation
Law 2016. OUP Catalogue.