Taxation Law Assignment - Calculating Payroll, GST, and FBT

This taxation law assignment solution provides detailed calculations for payroll, Goods and Services Tax (GST), and Fringe Benefits Tax (FBT). The assignment covers various aspects of Australian taxation law, including the computation of a payroll schedule, the calculation of an employer's Superannuation Guarantee obligations, and the determination of GST on sales and purchases. It also includes an analysis of FBT obligations and PAYG (Pay As You Go) tax installments. The solution presents the calculations in a clear and organized manner, with references to relevant tax laws and regulations. The assignment also considers different payment options and includes a bibliography of sources used. This assignment provides a comprehensive overview of key elements of Australian taxation, making it a valuable resource for students studying taxation law.

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

1TAXATION LAW
Table of Contents
Answer to question A:................................................................................................................2
Answer to question B:................................................................................................................2
Answer to question C:................................................................................................................3
Answer to question E:................................................................................................................3
Bibliography:..............................................................................................................................5

2TAXATION LAW
Answer to question A:
Computation of Payroll Schedule:
Employee Name Weekly Wages / Salary Weekly PayG Quarterly Wages/Salary Quarterly PayG
Kris 120 25 1560 325
Sam 220 49 2860 637
Sarah 4000 1528 52000 19864
Lauren 1440 458 18720 5954
Marty 5600 2280 72800 29640
Paul 2200 755 28600 9815
Schedule of Payroll Information
Employee Name Kris Sam
Week 1 120 220
Week 2 105 220
Week 3 150 330
Week 4 180 330
Week 5 0 220
Week 6 0 220
Week 7 75 330
Week 8 180 330
Week 9 150 220
Week 10 180 220
Week 11 120 330
Week 12 120 220
Week 13 120 0
Total Wages 1500 3190
Payroll Information
Answer to question B:
Calculation of employer’s statutory Superannuation Guarantee obligations:
Employee Name Super Fund Name Ordinary time earnings SG rate SG Contributions
Kris State Super Retirement Fund 1500 9.50% 142.5
Sam State Super Retirement Fund 3190 9.50% 303.05
Sarah State Super Retirement Fund 4000 9.50% 380
Lauren State Super Retirement Fund 1440 9.50% 136.8
Marty State Super Retirement Fund 5600 9.50% 532
Paul State Super Retirement Fund 2200 9.50% 209
1703.35Toal Employers Contributions
Superannuation Guarantee Obligations

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Answer to question C:
Item Value Supply Type GST Input tax Credit ($) GST Exclusive Value ($)
Assesssable Receipts
Training Fees 82698 Financial Sales 7518 75180
Share of prize money from customers horses 55000 Financial Sales 5000 50000
Prize money from Bronny horses 16500 Financial Sales 1500 15000
Trophy from Brisbane Cup 1200 Financial Sales 109.09 1090.91
Trade in tractor 1900 Financial Sales 172.73 1727.27
Total Receipts 157298 14299.82
Expenses Eligible as Deductions
Horse Feed 8800 Input Tax Sales 800 8000
Veterinary Fees 7700 Input Tax Sales 700 7000
Ferrier 5500 Input Tax Sales 5500
Accomodation for Staff 2475 Input Tax Sales 225 2250
Airfares for staff 5346 Input Tax Sales 486 4860
Bookkeeping services 2640 Input Tax Sales 240 2400
First Aid courses for staff members 990 Input Tax Sales 90 900
Cost of Goods Sold 4500 Imported Goods 409 4091
Freight 250 Imported Goods 23 227
Business loan 750 Input Tax Sales 750
Total Allowable Deductions 38951 2972.818182
Net Income from business 118347
Total GST Payable 11327.00
Answer to question E:
OPTION 1: Calculate GST & report quarterly SUMMARY
1A GST on Sales $-
G1 Total Sales $1,57,298- 1C WET $-
Does G1 include GST Y/N 1E LCT $-
G2 Export Sales $- 4 PAYG Withheld $66,235-
G3 Other GST-Free Sales $- 5A PAYG income tax instalment $16,790-
G10 Capital Purchases $- 6A FBT instalment $-
G11 Non-capital Purchases $- 7C FTC over claim $-
8A $-
PAYG tax withheld
1B GST on purchases $-
W1 Total Salary & Wages $1,76,540- 1D WET refundable $-
W2 Amount Withheld $- 1F LCT refundable $-
W4 No ABN $- 5B PAYG instalment credit $-
W3 Other amount $- 6B FBT credit $-
W5 total amounts withheld $- 7D FTC credit $-
8B $-
OPTION 1: Pay a PAYG instalment amount quarterly
PAYMENT OR REFUND
T7 $66,235-
Is 8A more than 8B? YES/NO
FBT INSTALMENT
Your payment amount $-
F1 $-
F2 Est FBT for year $2,500-

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F3 Varied amount payable $-
F4 Variation Code

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Bibliography:
Burton, M., 2017. A Review of Judicial References to the Dictum of Jordan CJ, Expressed in
Scott v. Commissioner of Taxation, in Elaborating the Meaning of Income for the Purposes
of the Australian Income Tax. J. Austl. Tax'n, 19, p.50.
Kenny, Paul, Michael Blissenden, and Sylvia Villios. 2018. Australian Tax.
Robin, H., 2017. Australian taxation law 2017. Oxford University Press.
Sadiq, Kerrie 2018. Principles of taxation law,