(1) Employment termination payment Barbra Purcell began her employment with the Republic Bank of Australia (RBA)...
Fantastic news! We've Found the answer you've been seeking!
Question:
Transcribed Image Text:
(1) Employment termination payment Barbra Purcell began her employment with the Republic Bank of Australia (RBA) in January 2005 and was made redundant on 1 April 2020, at the age of 58 years. Barbra received the following payments. • Gross salary from employer • Genuine redundancy payment • Unused annual leave $90,000 $70,000 $5,000 Unused long service leave $9,400 Required Advise Barbra on the taxation implications of her redundancy. Assume no deductions to claim. You must clearly identify any ETP tax offset. You must provide relevant cases and/or legislation. (2) Superannuation Barbra (58 years old) aiso currently has superannuation valued at $662,000 with the Suncorp (complying Super fund). The total amount includes the following elements; Tax free component $105,000 Element untaxed in the fund $10,000 Element taxed in the fund $550,000 Required Advise Barbra what would be the tax consequences of withdrawing her super during 2019/20, including all options available to her. You must provide relevant cases and legislation. (1) Employment termination payment Barbra Purcell began her employment with the Republic Bank of Australia (RBA) in January 2005 and was made redundant on 1 April 2020, at the age of 58 years. Barbra received the following payments. • Gross salary from employer • Genuine redundancy payment • Unused annual leave $90,000 $70,000 $5,000 Unused long service leave $9,400 Required Advise Barbra on the taxation implications of her redundancy. Assume no deductions to claim. You must clearly identify any ETP tax offset. You must provide relevant cases and/or legislation. (2) Superannuation Barbra (58 years old) aiso currently has superannuation valued at $662,000 with the Suncorp (complying Super fund). The total amount includes the following elements; Tax free component $105,000 Element untaxed in the fund $10,000 Element taxed in the fund $550,000 Required Advise Barbra what would be the tax consequences of withdrawing her super during 2019/20, including all options available to her. You must provide relevant cases and legislation.
Expert Answer:
Answer rating: 100% (QA)
Step 1 Redundancy in Employment There are two types of Redundancy in the employment which ar... View the full answer
Related Book For
Intermediate Accounting
ISBN: 978-0324300987
10th Edition
Authors: Loren A Nikolai, D. Bazley and Jefferson P. Jones
Posted Date:
Students also viewed these accounting questions
-
With regard to development, what would be the dire consequences if polycomb group complexes did not function properly?
-
The Bailey Company was formed in January 2005 and is preparing its financial statements under GAAP for the first time at the end of 2007. Its general ledger at December 31, 2007 includes the...
-
On 1 October 2005 Omega granted 50 employees options to purchase 500 shares in the entity. The options vest on 1 October 2007 for those employees who remain employed by the entity until that date....
-
List the following numbers in numerical order, starting with the smallest: 1, 9, , 5, |8| , |3|, 3.1.
-
The concentration of mercury in a lake has been monitored for a number of years. Measurements taken on a weekly basis yielded an average of 1.20 mg/m3 (milligrams per cubic meter) with a standard...
-
An air-filled rubber ball has a diameter of 6 in. If the air pressure within the ball is increased until the diameter becomes 7 in., determine the average normal strain in the rubber.
-
A flashlight bulb is connected to a battery and is glowing; the circuit is shown in Figure Q23.2. Is current \(I_{2}\) greater than, less than, or equal to current \(I_{1}\) ? Explain. 12 FIGURE Q23.2
-
The monthly demand for the latest computer at Newland Computers follows a normal distribution with a mean of 350 and standard deviation of 75. Newland purchases these computers for $1,200 and sells...
-
Explain how you, as a servant leader, might support the mission of an organization such as a school, a nonprofit, or a for-profit organization by addressing the following: Discuss at least two...
-
A long-distance provider charges the following rates for telephone calls: Create a GUI application that allows the user to select a rate category (from a set of radio buttons), and enter the number...
-
At a volume of 20,500 units, Brentwood Industries reported sales revenues of $1,039,000, variable costs of $301,000, and fixed costs of $261,000. The company's break-even point in units is?
-
Suppose one of the suppliers to Seattle Health System offers terms of 3/20, net 60. a. When does the system have to pay its bills from this supplier (assuming it abides by the credit terms)? b. What...
-
A manufacturer budgets annual conversion costs of \(\$ 1,207,500\) and production of 2,100 hours. Compute the conversion cost rate per production hour.
-
Share prices on the Philippine Stock Exchange rise 12 percent in Philippine pesos. During the same period, the peso rises from $0.0425/peso to $0.0440/peso. By how much does the Philippine stock...
-
Identify each of the following production processes as lean (L) or traditional \((\mathrm{T})\). 1. The process produces standard goods, with no customization. Production begins with a sales...
-
A company reports accounts payable of \(\$ 9,569\) and cost of goods sold of \(\$ 28,155\). Compute days' payable outstanding. Round the answer to the nearest whole day.
-
Which algorithm can find if two vertices x & y have path between them?lag stion a . . Depth First Search ( ( DFS ) ) b . . Breadth First Search ( ( BFS ) ) c . . Both DFS & BFS d . . None DFS or BFS
-
We all experience emotions, but some people disguise their true feelings better than others. Do you think this is a helpful or harmful thing to do? Under what conditions do you think it would be most...
-
The Goodman Company acquired a truck from the Harmes Company in exchange for a machine. The machine cost $30,000, has a book value of $6,000, and has a market value of $9,000. The truck has a cost of...
-
On January 1, 2007 Charles Jamison borrows $40,000 from his father to open a business. The son is the beneficiary of a trust created by his favorite aunt from which he will receive $25,000 on January...
-
On December 31, 2007 the Palmer Company determined that the 2007 service cost on its defined benefit pension plan was $120,000. At the beginning of 2007 Palmer Company had pension plan assets of...
-
How would payments for taxes be classified? (a) Operating outflow. (b) Operating inflow. (c) Investing outflow. (d) Financing outflow
-
How would the repayment of debt principal be classified? (a) Operating outflow. (b) Operating inflow. (c) Investing outflow. (d) Financing outflow
-
What type of accounts are accounts receivable and inventory? (a) Cash accounts. (b) Operating accounts. (c) Financing accounts. (d) Investing accounts.
Study smarter with the SolutionInn App