Purpose of the assessment
The individual assignment will assess students on the following learning outcomes:
1. Demonstrate an understanding of the Australian income tax system, the concept of FBT, Ordinary Income, deductions, general anti-avoidance
provisions and income tax administration.
2. Identify and critically analyse taxation issues.
3. Interpret the relevant taxation legislations and case law.
4. Apply taxation principles to real life problems.
Assignments’ Instructions and Requirements
Calculate Total Assessable Income, Taxable Income, Tax Liability, Student loan (HECS), Medicare Levy, and Medicare Levy Surcharge if applicable, for the taxpayer (Susanne) with the information below:
• Susanne is a single and an Australian resident plans to lodge a tax return for the tax year 2020 -2021.
• Her total taxable income is $90,000 (Including tax withheld).
• She does not have private health insurance.
• Susanne has a student loan HECS outstanding for her previous study at Sydney University of $53,000.
• Her employer pays superannuation guarantee charge of 9.5% on top of her salary to her nominated fund.
• Susanne earned a passive income of $10,000 from the investments in shares in the same tax year