Bruce Lee, an Australian resident has approached you for assistance in completing his Tax Retum for...
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Bruce Lee, an Australian resident has approached you for assistance in completing his Tax Retum for the Tax Year ending 30 June 2022. He has been employed as a Product Manager by Kenix International Liet large multinational company. He provides you with the following information that he believes is relevant to his income tax for the current year Income Salary of $200,000 from which his employer deducted $60,000 PAYG Rental income of $26,000 derived from a property he owns in Hobart A clothing allowance of $2,000 for office clothing Interest income of $3,000 he received from a bank in China Expenditure $4,000 to repair damage caused to his rental property by the previous tenant Interest of $16,000 in relation to the mortgage on his rental property Interest of $18,000 in relation to the mortgage on his private home Travel expenses of $6,000 to get to work and home again $1,000 to buy a new suit for the office (the suit is not distinguishable from ordinary clothing) Required: Work out Bruce's Basic Income Tax Liability for the year ending 30 June 2022. Your answer must show ALL your calculations and MUST INCLUDE an explanation for each item (including section references and case references (where applicable) to support your answer. Bruce Lee, an Australian resident has approached you for assistance in completing his Tax Retum for the Tax Year ending 30 June 2022. He has been employed as a Product Manager by Kenix International Liet large multinational company. He provides you with the following information that he believes is relevant to his income tax for the current year Income Salary of $200,000 from which his employer deducted $60,000 PAYG Rental income of $26,000 derived from a property he owns in Hobart A clothing allowance of $2,000 for office clothing Interest income of $3,000 he received from a bank in China Expenditure $4,000 to repair damage caused to his rental property by the previous tenant Interest of $16,000 in relation to the mortgage on his rental property Interest of $18,000 in relation to the mortgage on his private home Travel expenses of $6,000 to get to work and home again $1,000 to buy a new suit for the office (the suit is not distinguishable from ordinary clothing) Required: Work out Bruce's Basic Income Tax Liability for the year ending 30 June 2022. Your answer must show ALL your calculations and MUST INCLUDE an explanation for each item (including section references and case references (where applicable) to support your answer.
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To calculate Bruce Lees basic income tax liability for the year ending 30 June 2022 we need to consider his income and deductible expenses Heres a bre... View the full answer
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