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Identify and discuss the characteristics of a “good” tax system.
5. How is income tax liability calculated
1. Mary is a resident who is 50 years old and has $170,000 of taxable income for the year ended 30 June 2015. Calculate her income tax liability. How much tax would she pay if she was a non-resident?
2. Mr Lim, a resident Australian taxpayer, has a taxable income of $55,250 for the year ended 30 June 2015. He qualifies for a medical expenses tax offset of $2,000 and he has had PAYG tax instalments of $12,000 deducted by his employer from his employment income.
Determine his tax payable for the year ended 30 June 2015.
2. A student from Singapore arrives in Perth on 1 February 2015. The student is to undertake a science degree (with Honours) that will take 4 years to complete. On completion of the degree the student must return to Singapore to work for the Singapore government.
Discuss whether the student is a resident of Australia within the meaning of “resident” as defined in s 6 of ITAA 1936, and the significance of the student’s residency status.
3. After finishing her nursing degree at Murdoch University, Jenny, who was born in Perth, travels to the U.S. to work as a nurse for three years. During this time she rents an apartment in New York and makes many friends there. Her U.S. salary is paid into a U.S. bank account. At the end of the three-year period she has saved enough money to travel. Jenny then spends 2 years travelling around Europe. Discuss Jenny’s residency status for the five years.
4. What amounts, if any, of assessable income have been derived during the year ended 30 June 2015 in each of the following circumstances:
a) Mr Callen is employed on a salary of $60,000 a year at BHP Ltd. During the year ended 30 June 2015 he elected to receive only $55,000 during that financial year. He requested that the balance of $5,000 be credited to his account in BHP’s books on 30 June 2015 and paid to his ex-wife as maintenance payments on 1 August 2015. In addition, he receives $6,000 on 29 June 2015 as a payment in advance in respect of holiday leave that is to commence on 30 July 2015 and end four weeks later.
b) ¶16.4, Question 4 (ignore GST aspects).
c) A judo instruction school charges $100 for ten lessons, payable in advance. At 30 June 2015 the school had received fees of $310,000 for the 2015 financial year, of which fees received for lessons still to be taught amounted to $15,000.
(d) An electrician is contracted (on 1 June 2015) to rewire a rental property for $10,000. The contract states that the payment is to be made on completion on 3 July 2015.
When is the $10,000 derived for tax purposes?
(e) ¶16.4, Question 3.
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