TLAW 303 – TAXATION LAW – ASSIGNMENT QUESTIONS 代写

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    •  TLAW 303 – TAXATION LAW – ASSIGNMENT QUESTIONS 代写
     
    BLOCK 1 TRIMESTER 2 2017: TLAW 303 – TAXATION LAW – ASSIGNMENT QUESTIONS
    Assessment Details
    Due date: Friday, 18 August 2017  11-59 PM IN MOODLE
    Weighting: 40%
    Format: Four income tax calculation questions. 10 marks each.
    Objectives
    Answer the following questions with reference to the relevant legislative provisions
    operating in Australia concerning the calculation of income tax. Do not consider the effects
    of legislation potentially applicable other than that specifically identified.
    Assessment Tasks
    Question 1  10 Marks
    Calculate the income tax payable, ignoring the Medicare levy, for the following taxpayers for
    the year ended 30 June 2017:
    (a) An Australian individual who is a resident with a taxable income of $15,000.
    (b) ) An Australian individual who is a non-resident with a taxable income of $15,000.
    (c) ) An Australian company with a taxable income of $15,000.
    (d) ) An Australian individual who is a resident with a taxable income of $155,000.
    (e) ) An Australian individual who is a non-resident with a taxable income of $155,000.
    (f) An Australian company with a taxable income of $155,000.
    (g) ) An Australian individual who is a resident with a taxable income of $255,000.
    (h) ) An Australian individual who is a non-resident with a taxable income of $255,000.
    (i) An Australian company with a taxable income of $255,000.
    (j) An Australian company qualified as a “small business entity” with a taxable income of $100.
    Question 2  10 Marks
    Calculate the Medicare levy and Medicare levy surcharge payable for the year ended 30 June
    2017 for the following taxpayers:
    (a) An Australian resident, aged 25 years, with a taxable income of $18,000.
    (b) An Australian resident, eligible for a Seniors tax offset, with a taxable income of $32,000.
    (c) An Australian resident, aged 45 years, with a taxable income of $45,000.
    (d) A taxpayer who is not a resident for tax purposes, with a taxable income of $45,000.
    2
    (e) ) An Australian company with a taxable income of $2,500,000.
    (f) An Australian resident, aged 45 years, with a taxable income of $110,000, holding private
    health insurance.
    (g) An Australian resident, aged 45 years, with a taxable income of $110,000, and no private
    health insurance.
    (h) An Australian resident with a taxable income of $150,000, holding private health insurance
    for 90 days of the income year.
    (i) Victor and his wife are Australian residents. Victor has a taxable income of $110,000 and
    his wife Jackie a taxable income of $75,000. They have no children and no private health
    insurance.
    (j) An Australian couple have four children and no private hospital health insurance. What
    would be the family’s minimum Medicare levy surcharge threshold?
    Question 3 10 Marks
    You client, Rob, has the following income and deductions for the financial year ended 30 June
    2015: salary, $32,000; bank interest received, $150; and allowable deductions for special work
    clothing, $450. Rob’s employer has deducted $2600 as PAYG tax from his salary during the
    year.
    Calculate Rob’s income tax payable or refundable.
    Question 4 10 Marks
    During the current income year Rafael, a resident taxpayer, has a gross salary of $68,000 (PAYG
    tax withheld $15,100), a fully franked dividend of $2,000, an unfranked dividend of $1,000, and
    a 60% franked dividend of $900.
    There are no deductions. Calculate Rafael’s taxable income and tax payable.
    Marking Guide
    Questions 1 & 2 have 10 parts and for the correct answer of each part, 1 mark will be allocated.
    Question 3
    -  Calculation of Rob’s taxable income by applying the statutory formula under s 4-15 ITAA
    1997 (2 Marks)

     TLAW 303 – TAXATION LAW – ASSIGNMENT QUESTIONS 代写
    -  Calculation of Rob’s tax liability per the ITRA 1986 (2 Marks)
    -  Calculation of the Medicare levy (2 Marks)
    -  Consideration to Rob’s entitlement to any tax offsets and/or tax credits (1 Marks)
    -  Calculation of income tax payable or refundable by applying the method in s 4-10 ITAA
    1997 (3 Marks)
    3
    Question 4
    -  Calculation of Rafael’s taxable income by applying the statutory formula under s 4-15
    ITAA 1997 (2 Marks)
    -  Calculation of Rafael’s tax liability per the ITRA 1986 (2 Marks)
    -  Calculation of the Medicare levy (2 Marks)
    -  Calculation of Rafael’s Franking tax offset and PAYG tax withheld (1 Marks)
    -  Calculation of income tax payable or refundable by applying the method in s 4-10 ITAA
    1997 (3 Marks)
    End of Questions
     TLAW 303 – TAXATION LAW – ASSIGNMENT QUESTIONS 代写