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CASE STUDY - VERSION 5 Sameer Raja is a single resident taxpayer who is employed as a teacher by Madison College. Sameer also holds investments

CASE STUDY - VERSION 5Sameer Raja is a single resident taxpayer who is employed as a teacher by Madison College. Sameer also holds investments including shares and real estate and has provided details of transactions that he believes relate to the 2023 income year.You are required to provide the following information to assist with the preparation of Sameer\'s 2023 income tax return:PARTACalculate Sameer\'s Net Capital Gain.Identify the relevant section reference for any exemption or exclusion.Clearly outline all steps in the calculation.PART BCalculate Sameer\'s Assessable Income.Identify the relevant section reference for each inclusion or exclusion.Clearly show all necessary workings.PART CCalculate Sameer\'s Allowable Deductions.Identify the relevant section references for each inclusion or exclusion.Clearly show all workings.Apply any available alternatives to obtain the maximum deduction available.PARTDCalculate Sameer\'s net tax payable or refund due.Clearly show all workings.RECEIPTS DURING 2022/23DATEDESCRIPTION$NOTESFULL YEARNet Salary61,200 PAYGW totalled $ 14.800FULL YEARRent from property in Hervey Bay19,000Includes $2.000 of rent owed from May & June 2022FULL YEARLocation allowance3.000FULL YEARPart-time wages - Navy Reserve8.00006/07/22Dividend from Borderline Ltd3,15060% franked at 30% tax rate29/09/22Reimbursement of work car expenses1,65007/10/22Proceeds from sale of shares in Driftwood Ltd6,500Originally purchased in 2020 for $7.50002/12/22Dividend from Prosperous Ltd5.250 Fully franked at 30% tax rate01/02/23Proceeds from sale of golf cart13.500Originally purchased in 2020 for $13,00019/04/23Proceeds from sale of shares in Speedboat Ltd9.400Purchased in July 2022(refer to payments)28/06/23Proceeds from sale of artwork8,500Originally purchased in 2020 for $8.500Sold to close friend at cost:Market value $12,000OTHER INFORMATIONa) On 1 June 2023, Sameer scrapped his uninsured jet ski as it was damaged and unable to be used or sold. The jet ski had cost Sameer $11,000 in 2021.b) Sameer had $2.700 of capital losses brought forward from 2019 relating to the sale of shares.c) As at 30** June 2023, Sameer had accrued $5,600 of leave entitlements from his employment as a teacher.

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PART A Calculation of Sameers Net Capital Gain 1 Proceeds from the sale of shares in Driftwood Ltd 6500 2 Proceeds from the sale of shares in Speedboa... blur-text-image

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