Laura, an Australian resident individual, aged 28, has the following for the 2022-23 income year: assessable...
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Laura, an Australian resident individual, aged 28, has the following for the 2022-23 income year: assessable income: $68,000; deductions: $4,500. She also has net exempt income of $2,000 and a tax offset of $3,000 for the year. Laura does not have a higher education loan programme (HELP) debt. However, Laura does have private patient hospital health insurance. What is Laura's taxable income (or tax loss) for the 2022-23 income year? Part B. Assume the facts in Part A, except that Laura's assessable income was only $18,000 and her deductions were $22,500 for the year. What is Laura's taxable income (or tax loss) for the 2022-23 income year? Problem Two Part A Dana, aged 39, works two part-time jobs and operates a small business. Her income tax position for the last four income years is set out below: Income Year Assessable Income 2019-20 2020-21 2021-22 2022-23 $87,000 $38,000 $40,000 $60,000 Current Year Deductions $59,000 $68,000 $32,000 $20,000 Tax Offsets $2,000 $4,000 Zero $5,000 Dana does not have any tax losses before the 2019-20 income year. What is Dana's taxable income or tax loss for the 2022-23 income year (note, the 2022-23 income year)? Part B Assume the facts in Part A, except that the current year deductions for 2022-23 are $50,000 (and not. $20,000). What is Dana's taxable income or tax loss for the 2022-23 income year (note, the 2022-23 income year)? Laura, an Australian resident individual, aged 28, has the following for the 2022-23 income year: assessable income: $68,000; deductions: $4,500. She also has net exempt income of $2,000 and a tax offset of $3,000 for the year. Laura does not have a higher education loan programme (HELP) debt. However, Laura does have private patient hospital health insurance. What is Laura's taxable income (or tax loss) for the 2022-23 income year? Part B. Assume the facts in Part A, except that Laura's assessable income was only $18,000 and her deductions were $22,500 for the year. What is Laura's taxable income (or tax loss) for the 2022-23 income year? Problem Two Part A Dana, aged 39, works two part-time jobs and operates a small business. Her income tax position for the last four income years is set out below: Income Year Assessable Income 2019-20 2020-21 2021-22 2022-23 $87,000 $38,000 $40,000 $60,000 Current Year Deductions $59,000 $68,000 $32,000 $20,000 Tax Offsets $2,000 $4,000 Zero $5,000 Dana does not have any tax losses before the 2019-20 income year. What is Dana's taxable income or tax loss for the 2022-23 income year (note, the 2022-23 income year)? Part B Assume the facts in Part A, except that the current year deductions for 2022-23 are $50,000 (and not. $20,000). What is Dana's taxable income or tax loss for the 2022-23 income year (note, the 2022-23 income year)?
Expert Answer:
Answer rating: 100% (QA)
Part A For Laura in the 202223 income year her taxable income can be calculated as follows Assessabl... View the full answer
Related Book For
Income Tax Fundamentals 2013
ISBN: 9781285586618
31st Edition
Authors: Gerald E. Whittenburg, Martha Altus Buller, Steven L Gill
Posted Date:
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