Question 1a.
A taxpayer has assessable income of $43,000 per annum and deductions of $1,500.
Calculate the following:
(i). Taxable income(show your workings)
(ii). Tax on Taxable income(show your workings). Ignore any Low Income Tax Offset.
(iii). Medicare Levy (show your workings)
Question 1b.
Indicate whether each of the following would be classified as "salary and wages":
Question 2.
JimMcEntee is provided with a company car which he is allowed to use for private purposes. The car was purchased on 2 November 2015 for $40,000. During the year Jim drove the car 30,000 km of which 60% were for business trips.
Costs associated with the vehicle were:
Petrol and oil $1,020
Registration and insurance $1,500
Maintenance $500
(a) Required: Calculate the Taxable Value of the benefit for the 2015/16 fringe benefits tax (FBT)year for the vehicle using both the statutory formula method and the operating cost method.(Show your workings for each method).
Statutory formula method: (assume 365 days in a year)
Operating cost method: (assume 365 days in a year)
(b) Based on your calculations, state which method is the most beneficial method for the employer for assessing the FBT liability?
Question 3.
Indicate whether each of the following is, or is not, subject to payroll tax:
Question 4.
Michelle McKinley owns a non-exempt property which is valued at $500,000. Included in this same property is a house valued at $167,000. Michelle also owns two other non-exempt properties which have unimproved values of $180,000 and $260,000 respectively.
Required: Calculate the land tax liability for Michelle assuming that all the properties are located in Tasmania. (Show your workings).
Question 5.
Required: Calculate the stamp duty payable in New South Wales on the following transactions:
(a) Building insurance of $136,000 for a premium of $300 (includes GST). (Show your workings.)
(b) Purchase of a new motor passenger vehicle (4 cylinders) for $48,000. (Show your workings.)
(c) Transfer of property for $1,400,000. (Show your workings.)
Question 6.
Required: Provide answers to the following questions:
(a) Who is required to register for GST?
(b) If an entity is registered for GST, list three (3) significant obligationsit has in regard to GST?
(c) If an entity is registered for GST, what entitlements and advantages does it have?
(d) What is an ‘ABN' and who is entitled to obtain one?
(e) Is a business required to have an ‘ABN' for GST purposes?
Question 7.
As the bookkeeper for Quick Smart Pty Ltd, the company's manager has asked you to outline the due dates for each quarter for the employer superannuation contributions and for any related penalty amounts.
Required: Provide the dates in the following table so that you can provide the manager with the required due date information.
Attachment:- Assignment.rar