Question: John Tate started work in 1982 with Try Ltd and consequently has no pre-16 August 1978 eligible service. John retired on 30 June 2022 and

John Tate started work in 1982 with Try Ltd and consequently has no pre-16 August 1978 eligible service. John retired on 30 June 2022 and received a pay-out of $28000 for his unused long service leave. Assume that the:

total number of days of unused long service leave is 90

number of days long service leave unused prior to 18 August 1993 is 15

number of days long service leave unused after 17 August 1993 is 75.

What is the tax payable in respect of the long service leave?

Step by Step Solution

There are 3 Steps involved in it

1 Expert Approved Answer

Step: 1 Unlock blur-text-image

Question Has Been Solved by an Expert!

Get step-by-step solutions from verified subject matter experts

Step: 2 Unlock

Step: 3 Unlock

Students Have Also Explored These Related Accounting Questions!

John Harris asked you, tax agent to prepare work papers to calculate his tax liability for the year ended 3 0 June 2 0 2 4 . John provided the following information: 1 . Retirement payment - LSL...

John Harris asked you, tax agent to prepare work papers to calculate his tax liability for the year ended 30 June 2024. John provided the following information: 1. Retirement payment - LSL payment...

Just one part of the assignment, Thank you! 2.22 Risk-return analysis (40%) What are the risks of this company? (Where is this risk coming from (market, firm, industry or currency)? How is the risk...

2.23 Cost of capital (40%) Calculate the company?s cost of equity using various methods (at least 2); showing your calculations and detailing the source of your data. Calculate the company?s cost of...

Nike Knight the king case study : Q1. Evaluate Knights decisions in the early days of Nike (good and bad). a. Evaluate his career and business decisions. Q2. Jeff Johnson was a crucial early employee...

The requirements are in world file. The pdf file includes the case. Only one-page write. Answer following questions and write one page (double space) What are the challenges of exiting private equity...

what are the outcomes of the strategies discussed in the case? Case 13: Sturm, Ruger&Co and the US. Freams Industry 6-199 Company Overview with Project HomeSafe to deliver gun safety materi- als and...

Did the company start a new business strategy since the last case? what changes should the company make moving forward? Case 13: Sturm, Ruger&Co and the US. Freams Industry 6-199 Company Overview...

Perform a Porter's five forces analysis on the becerage industry. In your opinion, what are the beverage industry's Key Success Factors (KSF)? What are the most CRITICAL factors that lead to success...

Because market interest rates were near all-time lows at 4% per year, a hand tool company decided to call (i.e., pay off) the high-interest bonds that it issued 3 years ago. If the interest rate on...

Why do we use 360 days when calculating interest and why is it called "banker days?"

On January 2 , 2 0 2 4 , Drake Furniture purchased display shelving for $ 8 , 2 0 0 cash, expecting the shelving to remain in service for five years. Drake depreciated a double - declining - balance...

CT Corp Comprehensive Question Canadian Tire Corporation, Limited ( Canadian Tire ) is a family of companies that includes a retail segment and a financial services division, among others. The retail...

2. What did you do in response to the challenge? How did your responses improve your ability to cope or make you stronger, more flexible, or capable?

3. How might you apply these learnings to the challenges you face currently?

1. What will you say to Diane? Are there additional questions you would like to ask?