country
$20 Bonus + 25% OFF
Securing Higher Grades Costing Your Pocket? Book Your Assignment at The Lowest Price Now!
Add File

Error goes here

TLAW 303 – TAXATION LAW

tag 0 Download1 Pages / 1 Words tag Add in library Click this icon and make it bookmark in your library to refer it later. GOT IT
  • Course Code: TLAW 303
  • University: Singapore University Of Social Sciences
  • Country: Singapore

Question:

Answer the following questions with reference to the relevant legislative provisions operating in Australia concerning the calculation of income tax. Do not consider the effects of legislation potentially applicable other than that specifically identified. Assessment Tasks Question 1 10 Marks Calculate the income tax payable, ignoring the Medicare levy, for the following taxpayersfor the year ended 30 June 2017:
(a) An Australian individual who is a resident with a taxable income of $18,000.
(b) An Australian individual who is a non-resident with a taxable income of $18,000.
(c) An Australian company with a taxable income of $18,000.
(d) An Australian individual who is a resident with a taxable income of $145,000.
(e) An Australian individual who is a non-resident with a taxable income of $145,000.
(f) An Australian company with a taxable income of $145,000.
(g) An Australian individual who is a resident with a taxable income of $265,000.
(h) An Australian individual who is a non-resident with a taxable income of $265,000.
(i) An Australian company with a taxable income of $265,000.
 
(j) An Australian company of a turnover of 1.3m witha taxable income of $19800.
 
Question 2 10 Marks Calculate the Medicare levy and Medicare levy surcharge payable forthe year ended 30 June 2017 forthe following taxpayers:
(a) An Australian resident, aged 28 years, with a taxable income of $21,335.
(b) ) An Australian resident, eligible for a Seniorstax offset, with a taxable income of $31,738.
(c) An Australian resident, aged 43 years, with a taxable income of $55,000.
(d) A taxpayer who is not a resident for tax purposes, with a taxable income of $185,000. 2
(e) An Australian company with a taxable income of $2m.
(f) An Australian resident, aged 45 years, with a taxable income of $123,800, holding private health insurance for the year.
(g) An Australian resident, aged 45 years, with a taxable income of $120,000, and no private health insurance.
(h) An Australian resident with a taxable income of $160,000, holding private health insurance for 90 days of the income year.
(i) Victor and his wife are Australian residents. Victor has a taxable income of $105,000 and his wife Jackie a taxable income of $85,000. They have no children and no private health insurance.
(j) An Australian couple have four children and no private hospital health insurance.
 
What would be the family’s minimum Medicare levy surcharge threshold? Question 3 10 Marks You client, Rob, has the following income and deductions for the financial year ended 30 June 2017: salary, $32,000; bank interest received, $150; and allowable deductions for special work clothing, $450. Rob’s employer has deducted $2600 as PAYG tax from his salary during the year. Calculate Rob’s income tax payable or refundable. Question 4 10 Marks During the current income year Rafael, a resident taxpayer, has a gross salary of $68,000 (PAYG tax withheld $15,100), a fully franked dividend of $2,000, an unfranked dividend of $1,000, and a 60% franked dividend of $900.
 
There are no deductions. Calculate Rafael’s taxable income and tax payable. Marking Guide Questions 1 & 2 have 10 parts and for the correct answer of each part, 1 mark will be allocated. Question 3 - Calculation of Rob’s taxable income by applying the statutory formula under s 4-15 ITAA 1997 (2 Marks) - Calculation of Rob’s tax liability per the ITRA 1986 (2 Marks) - Calculation of the Medicare levy (2 Marks) - Consideration to Rob’s entitlement to any tax offsets and/or tax credits (1 Marks) - Calculation of income tax payable or refundable by applying the method in s 4-10 ITAA 1997 (3 Marks) 3 3
 
Question 4 - Calculation of Rafael’s taxable income by applying the statutory formula under s 4-15 ITAA 1997 (2 Marks) - Calculation of Rafael’s tax liability per the ITRA 1986 (2 Marks) - Calculation of the Medicare levy (2 Marks) - Calculation of Rafael’s Franking tax offset and PAYG tax withheld (1 Marks) - Calculation of income tax payable or refundable by applying the method in s 4-10 ITAA 1997 (3 Marks).
Download Sample Now

Earn back the money you have spent on the downloaded sample by uploading a unique assignment/study material/research material you have. After we assess the authenticity of the uploaded content, you will get 100% money back in your wallet within 7 days.

Upload
Unique Document

Document
Under Evaluation

Get Money
into Your Wallet

Total 1 pages, 1 USD Per Page

Cite This Work

To export a reference to this article please select a referencing stye below:

My Assignment Help. (2020). – TAXATION LAW. Retrieved from https://myassignmenthelp.com/free-samples/tlaw-303-taxation-law.

"– TAXATION LAW." My Assignment Help, 2020, https://myassignmenthelp.com/free-samples/tlaw-303-taxation-law.

My Assignment Help (2020) – TAXATION LAW [Online]. Available from: https://myassignmenthelp.com/free-samples/tlaw-303-taxation-law
[Accessed 28 October 2020].

My Assignment Help. '– TAXATION LAW' (My Assignment Help, 2020) <https://myassignmenthelp.com/free-samples/tlaw-303-taxation-law> accessed 28 October 2020.

My Assignment Help. – TAXATION LAW [Internet]. My Assignment Help. 2020 [cited 28 October 2020]. Available from: https://myassignmenthelp.com/free-samples/tlaw-303-taxation-law.


MyAssignmenthelp.com is one of the noted service providers that deliver essay help. We provide tailored essay assistance to make sure that student gets online essay help exactly in the way they want it to be written. We at MyAssigemnthelp.com have built teams of consultants, who readily attend every query related to help me writing my essay. We provide essay writing help in forms of tips and steps in order o assist students with tough essay assignments.

Latest Tax Samples

LAWS5065 : Taxation Laws

Download : 0 | Pages : 8
  • Course Code: LAWS5065
  • University: The University Of Newcastle
  • Country: Australia

Answer: 1). Issues: The issue is related to the ascertainment of the income that is obtained from the media publications under “section 6-5 of the ITAA 1997”? Rule: Referring to the definition provided under “section 6-5 of the ITAA 1997” states that income from personal exertion refers to the income that an individual taxpayer earns from their personal efforts (Jones and Rhoades-Catanach 2015). This includes ...

Read More arrow

FIN 2328 : Tax Planning

Download : 0 | Pages : 9
  • Course Code: FIN 2328
  • University: University Of California
  • Country: United States

Answer: 1). Jason should lease the car as has been shown in the “Annexure - Car Lease” attached to the write up. Interest rates or taxes play a factor in decision making as to whether to buy the car outright, lease, or finance the same. When financing the car, one normally spread the full cost of car including all the tax, delivery cost and other cost over the desired number of months and in return of the same pays an amount of inte...

Read More arrow

BX3112 Taxation Law Of Marias Tax Account

Download : 0 | Pages : 2
  • Course Code: BX3112
  • University: James Cook University
  • Country: Australia

Answer to Question 1 In this case the CGT events are sale of investment property, sales of shares and real estate property as per the section 100-20 of the ITAA 97. The cost base should include the cost of disposal and acquisition of assets as per section 110-25(3) of ITAA 97. Thesection 110-25(4)of the ITAA 97 provides that the renovation cost should be added to the cost base of the property. The section 100-45 of the ITAA 97 provides detail...

Read More arrow

BX3112 Taxation Law

Download : 0 | Pages : 2
  • Course Code: BX3112
  • University: James Cook University
  • Country: Australia

Answers: 1. The section 100-20 of the ITAA 97 states that CGT event occurs from the sale of CGT assets are sale of investment property, real estate property and sales of shares. The costs associated with acquisition and disposal are included in cost base as per section 110-25(3) of ITAA 97. The cost of $250000 incurred for renovation the property will be added to the cost base of the property as per the section 110-25(4).   ...

Read More arrow

LAWS5065 : Taxation Law

Download : 0 | Pages : 3
  • Course Code: LAWS5065
  • University: The University Of Newcastle
  • Country: Australia

Answer: 1).                                                                                                                            ...

Read More arrow
Next

Save Time & improve Grade

Just share requirement and get customized Solution.

watch
question
We will use e-mail only for:

arrow Communication regarding your orders

arrow To send you invoices, and other billing info

arrow To provide you with information of offers and other benefits

Add File

Error goes here

1,467,406

Orders

4.9/5

Overall Rating

5,097

Experts

Our Amazing Features

delivery

On Time Delivery

Our writers make sure that all orders are submitted, prior to the deadline.

work

Plagiarism Free Work

Using reliable plagiarism detection software, Turnitin.com.We only provide customized 100 percent original papers.

time

24 X 7 Live Help

Feel free to contact our assignment writing services any time via phone, email or live chat. If you are unable to calculate word count online, ask our customer executives.

subject

Services For All Subjects

Our writers can provide you professional writing assistance on any subject at any level.

price

Best Price Guarantee

Our best price guarantee ensures that the features we offer cannot be matched by any of the competitors.

Our Experts

Assignment writing guide
student rating student rating student rating student rating student rating 5/5

647 Order Completed

98% Response Time

Adlina Han

Masters in Marketing with Specialization in Branding

Singapore, Singapore

Hire Me
Assignment writing guide
student rating student rating student rating student rating student rating 5/5

234 Order Completed

100% Response Time

Samantha Ji

PhD in Chemistry with Specialization in Organic

Singapore, Singapore

Hire Me
Assignment writing guide
student rating student rating student rating student rating student rating 4/5

2594 Order Completed

95% Response Time

Michael Johnson

Masters of MSc in Economics

Washington, United States

Hire Me
Assignment writing guide
student rating student rating student rating student rating student rating 5/5

230 Order Completed

97% Response Time

Liya Han

Master Of Science in Geotechnical Engineering (MSc Geotec)

Singapore, Singapore

Hire Me

FREE Tools

plagiarism

Plagiarism Checker

Get all your documents checked for plagiarism or duplicacy with us.

essay

Essay Typer

Get different kinds of essays typed in minutes with clicks.

edit

GPA Calculator

Calculate your semester grades and cumulative GPa with our GPA Calculator.

referencing

Chemical Equation Balancer

Balance any chemical equation in minutes just by entering the formula.

calculator

Word Counter & Page Calculator

Calculate the number of words and number of pages of all your academic documents.

Refer Just 5 Friends to Earn More than $2000

Check your estimated earning as per your ability

1

1

1

Your Approx Earning

Live Review

Our Mission Client Satisfaction

It's good, all the necessary information is inside as I requested. High quality content.

flag

User Id: 198646 - 28 Oct 2020

Australia

student rating student rating student rating student rating student rating

One the best export I\'ve worked with. Asked for rework 3 time and they\'ve done it perfectly.

flag

User Id: 507218 - 28 Oct 2020

Australia

student rating student rating student rating student rating student rating

First off, I would like to say thank you so whomever actually completed me assignment. I was thrown for a loop when It wasn't completed on time and I was extended over and over again over a 34 hour period. I am honestly upset by this and I don't even...

flag

User Id: 460006 - 28 Oct 2020

Australia

student rating student rating student rating student rating student rating

Thanks for your timely reply, great support provided by chat people. Beginning I thought I would not make through it, but it all well with the great efforts of everyone

flag

User Id: 489837 - 28 Oct 2020

Australia

student rating student rating student rating student rating student rating
callback request mobile
Have any Query?