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BULAW 5916 Taxation Law And Practice

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Question:

Jane is an eligible beneficiary of the Brown Family Discretionary Trust.  The trustees decided to distribute a cash amount of $20,000 to Jane for the current tax year.

Jane also receives $20,000 fully franked dividends.  Jane has a $20,000 HELP debt.

Jane received $79,000 (gross income) from employment at Company Pty Ltd for the period 1 July 2016 to 30 June 2017.  The correct amount of PAYG has been withheld.  

Jane reports interest income of $475.

Jane advises of investment expenses of $250.

Jane receives rental income of $35,000 from an investment property.  The associated expenses are:

  • Mortgage repayments: $25,000
  • Repairs: $2,000
  • Rates: $2,500
  • Insurance: $500

Jane sold a parcel of 200 Coles Myer Group shares on 1 July 2016 for $3,500.  She had purchased these shares on 1 July 2009 for $800. Her brokerage costs of buying and selling were $300 in total.

Jane made donations (for which she presents tax invoices and receipts) to the value of $900.

Jane does not wear a uniform to work.

Jane pays premiums on an income protection insurance policy equivalent to $1,000 per year.

Jane does not have Private Health Insurance.

Calculate the net tax payable/ refundable situation for Jane for the current tax year (include references, calculations & assumptions)

Green Pty Ltd is a resident gardening company registered with the following information:

TFN: 859 376 213

ABN: 79 512 647 864

ACN: 86 572 314 719

The following is the financial information for the year ended 30 June 2017.

GST (where it is applicable) has not been removed from the following amounts.

Depreciation (for tax purposes) was reported to be $5,500 for the current year.

Income:

Sales

345,000

Exempt income

10,000

Dividends (fully franked)

10,260

Interest received

900

Compensation from a client who failed in a legal suit to obtain damages from Green Pty td for alleged property damage.

4,000

Net capital gain

4,000

Expenses

Advertising (print, net, signage, flyers)

1,000

Bad debts

900

Bank Charges

150

Capital expenditure (qualifies for immediate deduction)

3,000

Cost of sales

    6,000

Sub-contractor expenses

23,000

Depreciation expenses

2,000

Electricity

800

Entertainment

2,000

Environmental protection (disposal of chemicals)

600

Fines (speeding and parking tickets)

500

Insurance

600

Interest expenses within Australia

1,200

Lease expenses within Australia

4,000

Motor Vehicle 3rd Party insurance

550

Motor Vehicle expenses (petrol & maintenance)

4,000

Motor Vehicle Registration

1,200

Rent expenses

11,800

Stationery & Office supplies

200

Tea, coffee, sugar & milk for staff use

100

Telstra (Phones & Internet)

2,000

Wages

45,000

 

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