During the financial year Ram paid his tax agent $1,000 to complete the previous year’s income tax return. He also paid his solicitor $2,000 to draft an objection to an ATO assessment that he received two years ago. Ram also paid $50,000 in income tax.
Explain with supported reasons which of the three costs are deductible.
To support the analysis in your answers refer where appropriate to the ITAA 1936, ITAA 1997, Tax Rulings and/or case law.
On November 11 Tina a twenty year old international student arrives in Brisbane to study at university. She works part time in a local supermarket to help with living expenses and study fees. Her earnings to 30 June are $12,000. Regrettably she does not do well in the assignments and exams and fails all subjects. With deep regret she returns to her home country.
Did the student become an Australian resident To support the analysis in your answers refer where appropriate to the ITAA 1936, ITAA 1997, Tax Rulings and/or case law.
Jimmy is an Australian single full-time university student who works part time in a restaurant. During the year he has receipts as follows:
What is Jimmy’s assessable income for the year To support the analysis in your answers refer where appropriate to the ITAA 1936, ITAA 1997, Tax Rulings and/or case law.
Josie is a single Australian mortgage broker who obtains loans for her clients from various banks. She earns commission from the banks when she introduces a successful loan application to any of the banks.
Usually she works from home and at times she also visits her clients at their homes to arrange the documents for the applications. At times she visits the branches of the banks to drop in hard copies of the paperwork.
Her home office is where she does most of the work with these applications, stores client information and keeps hard copies of the various client applications.
Her home office occupies 15% of the total space in her home. Her outgoings in relation to her home for the current financial year are as follows:
Calculate how much of the above outgoings are a deductible expense for Josie To support the analysis in your answers refer where appropriate to the ITAA 1936, ITAA 1997, Tax Rulings and/or case law.
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