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AYB 219 Taxation Law

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Question:

Case Study

Michael Knight is an Australian resident. He works full-time as a political journalist with The Brisbane Telegraph newspaper based in Herston.Michael lives in a four-bedroom house in Clayfield with his wife of fifteen years, Ashleigh, and their two children, Matthew, aged eleven and Bianca, aged seven. Michael and Ashleigh purchased this property in joint names in June 2011 and regard it as their main residence.

Michael has various investments, including shares in listed Australian companies and a rental property which was bought during the current income year.Last year, Michael utilised the services of a local tax agent in Hendra. However, he was dissatisfied with their service and has approached your group to assist him in preparing his 2016 income tax return using Sage Handisoft’s HandiTax software program.Michael has supplied your group with the following information relating to his personal income tax affairs for the year ended 30 June 2016.

However, not being a tax expert, he is not certain whether everything he has supplied your group with is necessarily assessable or deductible. Accordingly, he asks your group to carefully go through each item in order to determine its assessability and deductibility.Needless to say, Michael wishes to minimise his 2016 taxable income wherever legally possible.

Required:

Prepare Michael Knight’s 2016 income tax return using Sage Handisoft’s HandiTax software package.

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