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Question

Answered

(a) Calculate the minimum net income of the partnership for the income year ended 30 June 2015.

For all items (excluding items 1 and 3) provide a relevant section reference or case law to support your answer. For items 1 and 3 provide relevant case law to support your answer. Explain all exclusions.

You may want to use the following format:

Item

Description/calculation

References (Legislative

references are to ITAA

1997 unless otherwise

stated) and/or Case law

Amount

($)

1

Sales: <insert computation, if

any>

<insert case law or relevant

section reference, see

requirement letter (a)>

<insert amount>

(+) for

assessable

income, (-) for

allowable

deductions

2

 

 

 

3

 

 

 

4

 

 

 

5

 

 

 

6

 

 

 

7

 

 

 

8

 

 

 

 

(b) Calculate the minimum tax payable by, or maximum refundable, for the income year ended 30 June 2015. Show all workings, references are not required.

 

(c) After completing your calculations in (b), download the electronic copy of the Individual tax

return 2015 (NAT 1371-6.2015) from the ATO website and fill out the required information to

complete your income tax return accordingly.

 

PART B (10 Marks)

 

Manny is an Australian resident who presents the following information relating to the 2015 income year:

 

1. Sold BHP shares for $20,000. The contract for sale was signed on 29 June 2015 and settlement

occurred on 2 July 2015. The shares were acquired in 2007 for $25,000.

 

2. Sold his stamp collection (which was not held for a profit making intention) for $5,000. He

bought it for $2,000 on February 2015.

 

3. Sold a house in Manly for $1 million. Manny’s grandmother bought the house for investment in 2000 for $300,000 and Manny inherited it in 2010. Manny continued to rent it out until it was

sold. At the time of his grandmother’s death, the house was worth $800,000. The total deduction

claimed under Division 43 of the Income Tax Assessment Act 1997 was $60,000.

 

4. Received a trust distribution of $5,000. He was advised this was all the discount capital gains

derived by the trust. Manny wanted to do a further research on this matter as he is not sure on its

capital gain tax implications.

 

5. Received compensation of $50,000 for pain and suffering from a work-related accident.

 

6. Carried forward capital losses $2,000.

 

REQUIRED:

Calculate Manny’s net capital gain for the year ended 30 June 2015. Show your calculations in good form. If a capital gain is exempt, provide the relevant section reference

Taxation

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