Jill White is accounting for her taxation liability as a Small Business Entity (SBE) (b) On...

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Jill White is accounting for her taxation liability as a Small Business Entity (SBE) (b) On 1 July 2022 the opening depreciation pool balance for the SBE pool was $76,000. During the year Jill purchased 1 new depreciating assets used 100% for business purposes in the restaurant kitchen. This is recorded in the payment's information listed above. The depreciation deduction has not been included in the above figures. (c) Jill has a carry forward tax loss from an earlier income year of $45,000. This was due to the impact of COVID 19 on her business. (d) Jill and her family are members of a private health fund and have private hospital insurance. (e) Jill has paid $14,356 in PAYG Instalments during the financial year ending 30 June 2023. (f) The investment apartment was purchased new on 1 July 2022 for a total cost of $650,000 and is part of a hotel complex in Brisbane. The real estate agent advised Jill that the construction cost of the apartment was $365,000 and this was confirmed by the builder. REQUIRED Calculate Jill's personal tax liability for the year ended 30 June 2023. You should explain your treatment of each item in this question. Figures must be rounded to the nearest dollar and do not include cents in your calculations. Jill White is accounting for her taxation liability as a Small Business Entity (SBE) (b) On 1 July 2022 the opening depreciation pool balance for the SBE pool was $76,000. During the year Jill purchased 1 new depreciating assets used 100% for business purposes in the restaurant kitchen. This is recorded in the payment's information listed above. The depreciation deduction has not been included in the above figures. (c) Jill has a carry forward tax loss from an earlier income year of $45,000. This was due to the impact of COVID 19 on her business. (d) Jill and her family are members of a private health fund and have private hospital insurance. (e) Jill has paid $14,356 in PAYG Instalments during the financial year ending 30 June 2023. (f) The investment apartment was purchased new on 1 July 2022 for a total cost of $650,000 and is part of a hotel complex in Brisbane. The real estate agent advised Jill that the construction cost of the apartment was $365,000 and this was confirmed by the builder. REQUIRED Calculate Jill's personal tax liability for the year ended 30 June 2023. You should explain your treatment of each item in this question. Figures must be rounded to the nearest dollar and do not include cents in your calculations.

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To calculate Jills personal tax liability for the year ended 30 June 2023 we need to consider various items and their treatment Lets go through each i... View the full answer