An Australian company with a taxable income of $2,500,000. (f) An Australian resident, aged 45 years, with a taxable income of $110,000, holding private health insurance. (g) An Australian resident, aged 45 years, with a taxable income of $110,000, and no private health insurance. (h) An Australian resident with a taxable income of $150,000, holding private health insurance for 90 days of the income year. (i)Victor and his wife are Australian residents. Victor has a taxable income Al $110,000 and his wife Jackie a taxable income Al $75,000. 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 farnily’s minimum Medicare le, surcharge threshold,
Question 3 10 Marks
Your client, Rob, has the following income and deductions for the current financial year: 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.
ac_cestior 4 10 Marlcs
During the current financial 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 19. (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 IT. 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)
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