Detailed Analysis of an Australian Individual Tax Return: 2015-2016

This assignment presents a detailed analysis of an Australian individual tax return for the 2015-2016 financial year. The analysis covers various aspects of the tax return, including the reporting of gross income from sources such as interest and dividends, detailing of deductions for work-related expenses, investment property and interest, and gifts. It also addresses the calculation of total income or loss, taxable income or loss, and the application of tax offsets. The assignment further examines Medicare levy calculations, capital gains and losses, and foreign income considerations. It includes an overview of supplementary sections, spouse details, and tax agent declarations. The document provides a comprehensive breakdown of the tax return components, offering insights into the calculation of taxable income and tax liabilities. The assignment is a valuable resource for students studying taxation and finance, providing practical examples and explanations of tax return elements.

Page 1 of 5 Individual Tax Return 2016 Mr John Bennett TFN:
Income
10 Gross interest Gross L 300
interest
Tax file number amounts M
withheld from gross interest
Bank / Branch / Account TFN amt Gross amt
NAB Hamersely 300
11 Dividends Unfranked amount S 0
Franked amount T 200
Tax file number amounts V 0.00 Franking credit U 85
withheld from dividends
Company Unfranked Franked Imp Cred TFN Amt
Westpac shares 200.00 85.71
Only used by taxpayers completing the supplementary section LOSS
Transfer the amount from TOTAL SUPPLEMENT INCOME OR LOSS 2,000 /
LOSS
TOTAL INCOME OR LOSS Add up the income amounts and deduct any loss amount in the boxes. 2,585 /
Deductions
D3 Work related uniform, occupation specific or protective C 150 / CLAIM N
clothing, laundry and dry cleaning expenses
Laundry expenses 150 N
D5 Other work related expenses E 1,730
Union subscription 230
Medical expenses 1,500
D6 Low value pool deduction K 670
Investments Rental Other
Distribution property for trusts 670
D7 Interest deductions I 300
NAB 300
D8 Dividend deductions H 54
Westpac shares 54
D9 Gifts or donations J 60
Red cross 20
Sensitive (when completed)

Mission Australia 40
TOTAL DEDUCTIONS Items D1 to add up the boxes 2,964
LOSS
SUBTOTAL TOTAL INCOME OR LOSS less TOTAL DEDUCTIONS (379) / L
Subtract amounts at F and Z item L1 LOSS
TAXABLE INCOME OR LOSS from amount at SUBTOTAL $ (379) / L
TOTAL TAX OFFSETS Items T2 and —add up the boxes U 0
Medicare levy related items Reduction based on family income
Number of dependent children and students Y 1
M1 Medicare levy reduction or exemption CLAIM
Exemption categories
If you complete this item and you had a spouse Full 2.0% levy exemption - number of days V / C
during 2015-16 you must also complete Spouse TYPE
details—married or de facto. Half 2.0% levy exemption - number of days W
M2 Medicare levy surcharge (MLS)
THIS ITEM IS COMPULSORY
If you do not complete this item you may be charged the full Medicare levy surcharge.
For the whole period 1 July 2015 to 30 June 2016, were you and all your dependants E Print Y for yes
(including your spouse) - if you had any - covered by private patient HOSPITAL cover? or N for no.
Number of days NOT A
liable for surcharge
Income tests
You must complete this section.
If you had a spouse during 2015-16 you must also complete Spouse details – married or de facto on page 7.
If the amount is zero, write 0.
IT1 Total reportable fringe benefits amount W 0
IT2 Reportable employer superannuation contributions T 0
IT5 Net financial investment loss X 439
Net dividends - Items 11, D8 231
Net investment income or loss - Item 13 0
Income or loss from Investment Business - Item 15 0
Income from Investment Business - Item 16 0
Foreign income or loss from foreign investments - Item 20 0
Net Forestry Managed Scheme Investment - Items 23, D14 0
Investment Income - Item 24 0

Page 3 of 5 Individual Tax Return 2016 Mr John Bennett TFN:
Less: Low Value Pool Investment deductions - Item D6 670
Less: Investment Deductions - Item D15 0
TOTAL (transfers to Label X - LOSS amounts only) 439 L
(For ATO validation only)
Adjusted taxable income 439 /
Estimated total income 2,585 /
Estimated eligible income 0
Spouse details—married or de facto Use related ref details? N
If you had a spouse during 2015-16, you must complete Spouse details - married or de facto.
We need the information included in this section to assess your tax accurately.
If you did not have a spouse, go to page 8.
Your spouse's name
If you had more than one spouse during 2015-16 print the name of your spouse on 30 June 2016 or your last spouse.
Surname or family name bennet
First given name Jenny Other given names
Day Month Year
Your spouse's K
date of birth
Your spouse's gender Male Female X Indeterminate
Period you had a spouse - married or de facto
Did you have a spouse for the full year L X
- 1 July 2015 to 30 June 2016? No Yes
From
If you did not have a spouse for the M
full year, write the dates you had a to
spouse between 1 July 2015 and N
30 June 2016.
Did your spouse die during the year? No X Yes
18 Capital gains Did you have a capital gains G Y Print Y for yes You must print Y at G if you
tax event during the year? or N for no.
CODE had an amount of a capital gain
Have you applied an M N / from a trust.
exemption or rollover?
H 2,000 Net capital gain A 2,000
Sensitive (when completed)

Total current year capital gains
Net capital losses carried forward V
to later income years
19 Foreign entities
Did you have either a direct or indirect interest I N PrintY for yes CFC income K
in a controlled foreign company (CFC)? or N for no.
Have you ever , either directly or indirectly, caused W N PrintY for yes Transferor B
the transfer of property—including money—or or N for no. trust income
services to a non-resident trust estate?
20 Foreign source income and foreign assets or property
During the year did you own, or have an interest in, P N PrintY for yes
assets located outside Australia which had or Nfor no.
a total value of AUD$50,000 or more?
LOSS
TOTAL SUPPLEMENT Items 13 to 24 - add up the boxes for income amounts and deduct 2,000 /
any loss amounts in the boxes
INCOME OR LOSS
Transfer this amount to on page 3
TOTAL SUPPLEMENT DEDUCTIONS
Items D11to D15 —add up the boxes and transfer this amount to
TOTAL SUPPLEMENT Items T3, T4, T6, T7, T8 and T9 - add up the boxes
TAX OFFSETS Transfer this amount to
Taxpayer’s declaration
Read and sign the declaration after completing your tax return, including the Supplementary section, Business and
professional items section and other schedules if applicable.
I declare that:
• the information provided to my registered tax agent for the preparation of this tax return is true and correct, and
• I authorise my registered tax agent to lodge this tax return.
Taxpayer's Day Month Year
Signature Date
Important: The tax law imposes heavy penalties for giving false or misleading information.
The ATO will issue your assessment based on your tax return. However, the ATO has some time to review
your tax return, and issue an amended assessment if a review shows inaccuracies that change the assessment. The
standard review period is two years but for some taxpayers it is four years.
Privacy:
The ATO is authorised by the Taxation Administration Act 1953 to request your tax file number (TFN). We will use your TFN to identify you
in our records. It is not an offence not to provide your TFN. However if you do not provide your TFN, your assessment may be delayed.
Taxation law authorises the ATO to collect information and to disclose it to other government agencies. For information about your privacy

Page 5 of 5 Individual Tax Return 2016 Mr John Bennett TFN:
go to ato.gov.au/privacy
Tax agent’s declaration
I, HANDISOFT SOFTWARE TESTER
declare that this tax return has been prepared in accordance with information supplied by the taxpayer,
that the taxpayer has given me a declaration stating that the information provided to me is true and correct
and that the taxpayer has authorised me to lodge the tax return.
Agent’s signature Date Client’s reference
Day Month Year BENN0001
Agent’s telephone number
Contact name Area code Telephone number Agent’s reference number
00013000
Sensitive (when completed)