Question 1. Mary is an Australianresident for income tax purpose .she has a taxable income of $70000 she has been provided with a receipt for an expense in the amount of $100. This expense will constitute a deduction.
How much tax will Mary save for the 2015-2016 income year?
Mary has HELP debt of $30000. How much of the HELP debt would she be required to repay for the 2015-2016 income year
Question 2. In 1984 Brian purchases 20 hectares of land for $2 million in an area that was ripe for subdivions. At the time of purchase he intended to get planning permission from the local council to develop. The land by subdivision and then resell it at a profit, but instead he leased it for grazing horses. Three years ago Brian attempted to get planning permission to subdivide his 20 hectares, but it proved very difficult, and finally in March of the current tax year the local council refused permission to subdivide. Brian reluctantly sold the land in June for $4 million
What are the tax consequences of Brian's sale?
Question 3. In ear 1 ABC Pty Ltd has a $500000 of assessable income and $900000 of deductions.in year 2,ABC has a $300000 of exempt income ,$200000 od assessable income and $500000 of deductions.in year 3,ABC has a $500000 of assessable income , $200000 of exempt income and $200000 of deduction.
Advise ABC of its taxable income (or loss) in each year.
Question 4. Gillian has had a long -running dispute with his landlord regarding his tenancy agreement for his store's premises. Although he has a 10 year lease over the premises, the land lord is trying to get him to vacate the premises early. The premises are integral to the business Gillian has a post office licence which is area specific and Gillian would not be able to lease any other premises in the area due to availability and zoning
Advice Gillian of his tax consequences in relation to any legal fees incurred in defending his tenancy agreement.