Income information

This information, together with the general case study information, is to be used to complete the income sheet of the Excel workpaper template.

Anna has provided you with the following information about her income for the year:

• Anna is paid a salary by AM Computing Pty Ltd. The Single Touch Payroll (STP) summary for 2023/2024 issued by the company for Anna contains the following details:

AM Computing Pty Ltd - ABN 98 111 122 223

Employee name Anna Marten

Gross payments $200,000 Tax withheld $65,000

• AM Computing Pty Ltd also made the following payments during the financial year:
  • Additional superannuation contributions of $10,000 were paid to Anna's superannuation account as a salary sacrifice. That is, her salary package was $200,000 plus the 11% compulsory superannuation (SGC), plus the additional superannuation of $10,000.
  • A travel allowance of $2,400 to cover some of the costs of using her car for work (see further details of the below).
• Anna personally mentored a client when the inherited a family business on the death of their elderly parent and they have developed a friendship. The client sold the family business during the year and Anna received a $4,000 gift from the client as a thank you for the personal mentoring and guidance over the years (the client had already paid AM Computing in full for all invoiced work).
• Anna and Pierre enjoy eating healthy food and a few years ago they got a beehive in their garden so they can get natural honey. The bees make more honey than they need, so they sell the extra jars of honey to family and friends. They are not sure of their costs, but this year they made $500 from selling the jars of honey.
• AM Computing Pty Ltd paid a fully franked dividend of $180,000 on 1 May 2024 (assume the company is eligible for the 25% company tax rate). This dividend was paid by the company to the two shareholders, Anna and Pierre, who used the cash to pay down the mortgage on their family home.

• Anna also has a small portfolio of ASX listed shares, details are as follows:

ASX code	Purchase date	Number of shares	Purchase price per share
QAN	20 May 2019	5,000	$5.25
BHP	2 March 1984	3,000	$8.00
CSL	31 May 1997	4,000	$2.50

• During the financial year Anna received the following dividends (use the 30% tax rate for franking of these dividends):
  • BHP paid a dividend on 9 March 2023 of $7,000. The dividend was fully (i.e. 100%) franked and received in cash; and
  • CSL paid a dividend on 9 March 2024 of $7,200. The dividend was 10% franked and 90% unfranked. Rather than taking the dividends in the form of cash, Anna elected to participate in the dividend reinvestment plans (DRP) offered by CSL and was allotted an additional 36 shares in CSL from the dividend.
• Finally, Anna earned $2,000 interest from an online savings account. Anna forgot to quote her tax file number to the bank, so the bank withheld 47% TFN withholding tax (which the bank has paid to the ATO on Anna's behalf).

Item	Amount	Assessable/Not assessable?	Assessable amount	Tax credit/tax offset	Legislation/Case Law/Income Tax Rulings
Employment related income
e.g Wage from Casual job at caf	10,000	Assessable	10,000	2,000	S6-5 income from personal exertion
Total employment related income			-	-
Investment related income
Total investment related income			-	-
Workings