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TLAW 303 Taxation Law Assignment

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TLAW 303 –  TAXATION LAW 

BLOCK 2 TRIMESTER 3 2017

Due date: Friday, 2 Feb 2018               11-59 PM IN MOODLE Weighting: 40%

Format: Four income tax calculation questions. 10 marks each.

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Objectives

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 taxpayers for 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 with a taxable income of $19800.

Question 2                                                                                                                           10 Marks

Calculate the Medicare levy and Medicare levy surcharge payable for the year ended 30 June

2017 for the following taxpayers:

(a) An Australian resident, aged 28 years, with a taxable income of $21,335.

(b) ) An Australian resident, eligible for a Seniors tax 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.

(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)

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)

End of Questions

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