Anthony and Ash carry on a retail business under a partnership structure. The partnership owns a grocery store. The partnership agreement provides that:  Anthony is entitled to an annual salary from the partnership of $95,000  Interest is payable on their capital accounts and interest is payable on the partners' loan account balances (as per loan agreements), and  Any residual profit is to be shared in the proportion of 65% to Anthony and 35% to Ash. During the 2022/23 income tax year, Anthony and Ash were credited with $3,500 interest on their capital investment in the business. Anthony had a loan account balance of $15,000 and Ash of $5,000 with an agreed interest rate of 7%. The business had a turnover of $2,652,000 and the following expenses:  $16,800 in agent's commissions,  $108,000 of rates & rent  $155,000 staff wages  $14,725 staff superannuation  $10,450 superannuation for Anthony  $6,000 superannuation for Ash  Cost of Goods Sold of $1,375,000  Wastage $8,000  Other operating costs and general expenses $844,550 Ash also sold other property items she had been holding including: - A painting for $31,000 which had been purchased on 28 April 1995 for $11,000. - Shares for $43,000 which had been purchased on 8 October 1985 for $400 - Collectible coins for $7,000, which had cost $5,000 on 31 August 1985. - A hot tub for $3,800, which had cost $10,500 on 29 September 2012. - A set of rare tea cups for $3,000, purchased on 13 October 2022 for $600 Ash has a prior year capital loss of $25,000 2 | WIL ASSESSMENT CASE STUDY Anthony is a married resident taxpayer with one son. He does not have appropriate private health insurance. Ash is a single, resident taxpayer who does have private health insurance. Ash has a HELP debt of $22,000. 

Required: A) Determine Anthony's assessable income and total tax payable B) Determine Ash's assessable income and total and tax payable I need a detail explain on the calculation on how to get the answers of A and B

Answer rating: 100% (QA)

Certainly Lets break down the calculations for Anthony and Ashs assessable income and total tax payable A Anthonys Assessable Income and Total Tax Pay... View the full answer