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TLAW 303 Taxation Law

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Questions

Giving reasons, indicate any amounts that would be included as assessable income of the following resident taxpayers for the 2016/17 tax year:

(a) Nick Addison is employed by Lazarus Holdings Ltd. His net weekly wages totalled $78,000 for the year. Total PAYG tax withheld from Nick’s weekly wages from Lazarus and forwarded to the ATO amounted to $19,000.

(b) Additional wages paid to Nick as a Christmas bonus of $6,000 (net of $4,200 PAYG tax withheld).

(c) Reimbursement of out-of-pocket travel costs of $1,200 that Nick incurred during his employment.

(d) A travel allowance totalling $2,800. No PAYG was withheld from this amount.

(e) Lazarus paid health insurance premiums for Nick and his wife to the value of $2,750.

(f) $10,000 superannuation contribution to Lazarus Holdings Superannuation Fund on behalf of Nick.

(g) Chris receives casual wages as a freelance journalist. On 4 July 2016 Chris was seriously injured when he fell down seven flights of stairs whilst jogging one morning. He received $50,000 during the year from his sickness and accident insurance policy for loss of income.

(h) Chris also received $8,000 from his health insurance policy towards various operations and rehabilitation that he required.

(i) Chris received a $70,000 lump sum under a trauma insurance policy for his right foot, which eventually required amputation.

(j) Chris received a cheque for $5,400, which represented long service leave that he had accrued from several years as a part-time copywriter. This amount is net of $1,600 PAYG tax withheld. 

(k) Quentin conducts business as a general medical practitioner. During the year, he received $79,000 in fees direct from patients, and $154,000 in receipts from Medicare.

(l) Warren derives business income as a removalist. During the year, due to an error by his mechanic, Warren’s truck was off the road for 4 weeks and eventually written off as irreparable. All figures are exclusive of GST where applicable. He received the following
amounts from his insurance company:
     
Reimbursement of deductible truck repairs  $                                          14,000
Demurrage (compensation for loss of income)                                         16,000
Proceeds for disposal of Truck (equal to book value)                                 75,000

(m) Sandy operates a general food store. During the year, his store was subject to two armed robberies. He received the following amounts from his insurance company (exclusive of GST):

Loss of cash sales from robberies $                            21,000
Loss of Trading Stock                                                    7,800
Reimbursement of deductible shop repairs                  3,200
Reimbursement of Medical Expenses                            2,000

(n) Troy operates an advertising agency. During the year, he has a “contra” transaction with his solicitor to the value of $25,000.

(o) Harrison derives business income as a barrister. He instructs one of his clients to pay his fee of $19,000 direct to Commonwealth Bank with whom his wife has a mortgage.

(p) Karl conducts business as a contract plumber. He completes a subcontract job for a large construction company in return for airfares and accommodation to the value of $8,000 rather than a cash fee.

(q) Rob conducts business as a lawyer. He drafts some changes to a Will for one of his clients and does not charge a fee but receives a $250 pair of cufflinks.

(r) Petros conducts business as a property developer. As a result of extensive travel throughout the year, Petros receives 178,000 frequent flyer points which he is able to redeem in the form of air tickets to the value of $3,280.

(s) Len trades as a carpet retailer. During the year, he receives cash subsidies and incentives from a supplier for selling over 2 kilometres of their carpet. This amounted to $36,000.

(t) Shelley operates a coffee shop. Fiasca, a coffee supplier gives her an espresso machine as an incentive to use their coffee. The machine is worth $12,000. They also provide her with some outdoor umbrellas and furniture with the name of their coffee. These are valued at $8,000 but must be returned to Fiasca if she ceases to buy their coffee.  
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