CASE STUDY VERSION Sameer 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 income year.You are required to provide the following information to assist with the preparation of Sameer\'s 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 DATEDESCRIPTION$NOTESFULL YEARNet Salary PAYGW totalled $ FULL YEARRent from property in Hervey BayIncludes $ of rent owed from May & June FULL YEARLocation allowanceFULL YEARParttime wages Navy ReserveDividend from Borderline Ltd franked at tax rateReimbursement of work car expensesProceeds from sale of shares in Driftwood LtdOriginally purchased in for $Dividend from Prosperous Ltd Fully franked at tax rateProceeds from sale of golf cartOriginally purchased in for $Proceeds from sale of shares in Speedboat LtdPurchased in July refer to paymentsProceeds from sale of artworkOriginally purchased in for $Sold to close friend at cost:Market value $OTHER INFORMATIONa On June Sameer scrapped his uninsured jet ski as it was damaged and unable to be used or sold. The jet ski had cost Sameer $ in b Sameer had $ of capital losses brought forward from relating to the sale of shares.c As at June Sameer had accrued $ 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... View the full answer