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Questions:

Q 1.

Alex is resident of the UK for tax purposes. He lives in Australia and had $90,000 assessable income from Australian sources in 2019/2020. He does not have any allowable deductions. Required:

a- What is Alex’s taxable income?

b- Calculate Alex’s tax payable.

Q 2.

Anna is a fitness consultant operating as a sole trader. Anna recently completed two fitness contracts for two of her clients.

In her first contract, Anna provided a 10-hour fitness training course to her client, Sam. Anna charged $1,000 for her fitness training course. This included fitness training materials that cost Anna $100.

In her second contract, Anna provided fitness video tutorials for a client, Lilly. Anna charged $1,000 in total. This included $200 to cover the cost of the video recording materials.

With reference to the relevant legislation and/or case law, discuss whether or not these receipts are Anna’s income from personal services.

Q 3.

Alex is a musician who is also interested in collecting old golden gramophones. He is not collecting these old golden gramophones for business purposes. On 20 February 2020, Alex sold one of these old golden gramophones for $3,000. The gramophone cost him $500 when he acquired it on 1 June 2000. With reference to the relevant legislation, discuss Alex’s net capital gain or net capital loss for the year ended 30 June.

Q 4.

Sam is a property investor. He purchased a small commercial building in Sydney for $2,000,000. Sam had to take out a loan from the ANZ Bank to purchase this property and Sam is charged interest on that loan. In order to rent the property, he met William, who is an experienced real estate agent. Sam and William agreed that an upfront lump-sum payment of $8,100 as a management fee is to be paid to William. With reference to the relevant legislation and case law, discuss the issue as to the deductibility of the management fee to William and the bank interest charges.

Q 5.

John purchased new machinery for his small business factory on 1st June 2018 for $8,000. The effective life of the machinery is determined to be five years. John sold his old business machinery for $4,000 on 31 August 2019. John used this machinery 90% for business purposes. With reference to the relevant legislation and case law, discuss the tax consequences arising from the disposal of the old machinery under the prime cost method.

 
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