Find the average daily balance in June. (Average daily balance is calculated based on end-of-day balance.)
Balance on May 31: $700
Charge $500 on June 11
Charge $800 on June 17
Repay $800 on June 21

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During an audit of his 2019/20 income tax return, Selwyn Vasic was found to have omitted $10,000 of assessable income. The tax return originally lodged by Selwyn disclosed taxable income of $125,000. Selwyn has adequate private health insurance. Calculate the likely penalties that would be imposed on Selwyn if the shortfall was the result of: A lack of reasonable care to comply with taxation law; Recklessness as to the operation of taxation law; Intentional disregard of taxation law. . During an audit of his 2019/20 income tax return, Selwyn Vasic was found to have omitted $10,000 of assessable income. The tax return originally lodged by Selwyn disclosed taxable income of $125,000. Selwyn has adequate private health insurance. Calculate the likely penalties that would be imposed on Selwyn if the shortfall was the result of: A lack of reasonable care to comply with taxation law; Recklessness as to the operation of taxation law; Intentional disregard of taxation law. .

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To calculate the average daily balance in June we need to consider the daily balances throughout the ... View the full answer