FNSACC502: Rafael A Single Resident Taxpayer Aged 24 Completed Six Months Of Employment: Prepare Tax Documentation For Individuals Assignment, SU, Australia

University Sydney University
Subject FNSACC502: Prepare Tax Documentation For Individuals

Question 1:

Rafael, a single resident taxpayer aged 24, completed six months of employment in Turkey on an approved overseas aid project. He derived gross wages of AUD$35,000 from which AUD$5,000 of Turkish tax was withheld.

Rafael also derived a gross salary of $34,000 from his regular employment in Australia. PAYG tax of $5,400 was withheld.

Required:

For the year ended 30 June 2017, calculate the following

Rafael’s taxable income.

 Rafael’s net tax payable or refundable.

Question 2:

Mee Kong, a Malaysian citizen, has been in Australia for 10 months on a working holiday visa during the current income year. During that time, she has been employed as a medical research scientist and has lived in a rented apartment in Melbourne.

Required:

Determine whether Mee Kong is a resident of Australia for tax purposes.

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Question 3:

A client of many years provides this information for you to complete his current tax return.

Income Employer: Reliance Imports

Gross salary

$ 87,500

Allowances

Allowance for company logo clothing $1,250

Interest from term deposit A/C #123456

$400

Tax withheld

$20,325

Allowable work deductions

$7,450 (receipts and logbook supplied)

Union fees

$450

Dry cleaning of work clothing

$150

 Non-working spouse and no children Private health membership was canceled on July 1st of the income year Use the table and the information provided for 2016-17 to calculate the taxpayer’s taxable income and the liability for income tax. Provide reasons for your treatment.

Taxable income

Tax on this income

0 – $18,200

Nil

$18,201 – $37,000

19c for each $1 over $18,200

$37,001 – $87,000

$3,572 plus 32.5c for each $1 over $37,000

$80,001 – $180,000

$19,822 plus 37c for each $1 over $87,000

$180,000 and over

$54,232 plus 45c for each $1 over $180,000

 These rates do not include the Medicare levy of 2% or the Medicare Levy Surcharge which is calculated at the rate of 1% of taxable income.

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Required:

Complete the calculation for each tax bracket and round all calculations to the nearest dollar. Do not use the ATO website withholding calculator as that might provide a slightly different figure.

Question 4.

Ryan Small aged 30 and single, provided the following details for the year ended 30 June, 2017. Ryan derives income from his employment as a bus driver and some investments. Ryan has no private health insurance.

Receipts

Legacy from his uncle’s estate

$ 3,000

Fully franked dividend from F/S Ltd-amount received

3,300

70% franked dividend from Fl Ltd-amount received

2,900

Unfranked dividend from Back Ltd

1,750

Gross wages (PAYG tax withheld $20,500)

78,800

Bank interest (net of $97 TFN tax withheld)

103

Honorarium for duties as president of the swim club

350

Insurance lump sum compensation (for damage to back sustained in car accident)

12,000

Army Reserve payments for part time services

1,200

Expenses (All fully substantiated)

Purchase of compulsory uniform

480

Laundry of uniform (estimate)

75

Parking fees (Ryan drives his car to the bus depot)

440

Sunglasses used for driving

150

Investment journals

230

 Ryan has a HELP liability of $6,600. The repayment rate is 8%.

During the year Ryan received an Australian Government Disaster Recovery Payment.

Required:

Calculate Ryan’s taxable income and tax payable for the year ended 30 June 2017.

Question 5.

Brian sometimes uses his car for work purposes. He provided the following information in respect of the year:

Items

Amount ($)

Car cost

37250

Fuel

3120

Insurance

563

Repairs

742

parking fees

80

Registration

543

Speeding fine

120

Road tolls

167

Car wash

90

 Brian kept a logbook for the entire year and it showed the following:

Trips

Km

Trips between work and home

4917 km

Trips between places of work

5270 km

Private trips

5243 km

 Brian’s car has a 2.2-liter engine and he prefers to depreciate it at a 15% straight line. It was purchased on 1 July.

a) Calculate Brian’s motor vehicle deduction using each possible method.

b) Which method should Brian use to minimize his tax?

Question 6.

Mr. Jill is an accounting student and owner of a small coffee – shop, which he purchased this year. He usually comes to you for a tax return once a year. He tried to do his quarterly GST this year (2015) and make a small mistake on the GST report form. As given below:

At the total sales (G1) he wrote $ 10100.00

At the total Non-capital purchase option (G11) purchase options he wrote $ 9900.00 and

 He calculated his GST accordingly and report the GST without omitting the decimal point (00.00).

With investigating the GST report The Auditor send him a letter informing he reported his total income $1010000 and Total Non-capital purchase of $ 990000 and requested him to provide the necessary documents about this GST reporting. Now, Jill came to you for advice as he believes that he did the right calculations. Now what would be your suggestion regarding:

What was the mistake that Jill made for reporting his GST?

Calculate the GST for Gill

Properly Fill up the GST form for him

What documents does Jill have to provide to ATO Auditor?

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