Li earned a salary of $75,000 for the year ended 30 June 2019. She also received...
Fantastic news! We've Found the answer you've been seeking!
Question:
Transcribed Image Text:
Li earned a salary of $75,000 for the year ended 30 June 2019. She also received additional income and paid expenses as follows: Net rental income of $9,000 • Capital losses on sale of shares $8,000 Bank charges of $150 on her investment account • Tax agent's fees of $500 Purchase of a raffle ticket for $100 from the Royal Children's Hospital. The prize was a motor vehicle Calculate Li's taxable income and tax payable including Medicare levy for the year ended 30. June 2019. State any assumptions that you make. Where possible questions should be answered with reference to legislation, case law and/or principles of tax law. (5 marks) Li earned a salary of $75,000 for the year ended 30 June 2019. She also received additional income and paid expenses as follows: Net rental income of $9,000 • Capital losses on sale of shares $8,000 Bank charges of $150 on her investment account • Tax agent's fees of $500 Purchase of a raffle ticket for $100 from the Royal Children's Hospital. The prize was a motor vehicle Calculate Li's taxable income and tax payable including Medicare levy for the year ended 30. June 2019. State any assumptions that you make. Where possible questions should be answered with reference to legislation, case law and/or principles of tax law. (5 marks)
Expert Answer:
Related Book For
Fundamentals of corporate finance
ISBN: 978-0470876442
2nd Edition
Authors: Robert Parrino, David S. Kidwell, Thomas W. Bates
Posted Date:
Students also viewed these accounting questions
-
During the year ended 30 June 2019 XYZ Pty Limited, a resident Australian private company (non BRE), received a franked dividend of $10,800 with $3,200 of attached franking credits. XYZ Pty Limited...
-
The condensed single-step income statement for the year ended December 31, 20Ã9, of Sunderland Chemical Company, a distributor of farm fertilizers and herbicides, appears as follows: Selected...
-
The income statement for Roberts Enterprises for the year ended June 30, 2009, is provided. Roberts Enterprises Income Statement For the Year Ended June 30, 2009 Sales revenue . . . . . . . . . . . ....
-
1) What are the implications of CICs approach to staffing project teams? Is the company using them as training grounds for talented fast-trackers or as dumping grounds for poor performers? 2) How...
-
Investigate what happens as the width of the mezzanine tranche of the ABS in Figure 6.4 is decreased, with the reduction in the mezzanine tranche principal being divided equally between the equity...
-
Interview an entrepreneur about insurance policies. Ask how he or she decided what kind of insurance to carry and whether to have high or low deductibles. Present a report on your entrepreneurs...
-
Calculate the median for each of the following sets of data: a. 3, 4, 6, 7, 10 b. 14, 16, 19, 21, 22, 27, 36 c. 6, 6, 9, 9, 9, 10, 13, 16, 16, 21, 24 d. 4, 2, 6, 3, 8, 3, 8 e. 27, 24, 35, 30, 41, 32,...
-
Valron Company has two support departments, Human Resources and General Factory, and two producing departments, Fabricating and Assembly. The costs of the Human Resources Department are allocated on...
-
The following Trial Balance was extracted from the Books of Natasha, a Sole trader, as at 31 December 2020. Capital Furniture and Fittings Purchases Sales Stock 1 January 2020 Debtors Creditors...
-
4. (Chapter 3) Skycell, a major European cell phone manufacturer, is making production plans for the coming year. Skycell has worked with its customers (the service providers) to come up with...
-
A company that stalled in the Recession of 2008, and doing great in the Global Market today. The Harvard Business Review Paper; Finding Your Strategy in the New Landscape, was published in March...
-
The authority of a court, as granted by a constitution or legislative act, is known as the courts: a. mandate c. territory b. jurisdiction Write the letter of your c hoice i n t he a nswer c olumn.
-
Indicate whether each of the following statements is true or false by writing T or F in t he a nswer c olumn. The Federal Trade Commission does not have jurisdiction over advertisements that appear...
-
Indicate whether each of the following statements is true or false by writing T or F in the answer c olumn. A bailment cannot generally be created without the agreement of both bailor and bailee.
-
Unenforceable obligations that people have to one another are considered to be an aspect of: a. moral l aw c. the law of unenforceable promises b. the law merchant Write the letter of your c hoice i...
-
Indicate whether each of the following statements is true or false by writing T or F in the answer c olumn. When fungible goods are stored, the identical goods must be returned.
-
A pump is used to transfer water (p=1000 kg/m) from a lake to a reservoir as shown in Figure 3 (b). The piping system consists of a cast iron pipe with the diameter, D of 60 mm and the total length...
-
6. (Potential Energy and Conservation of Energy) What should be the spring constant k of a spring designed to bring a 1200-kg car to rest from a speed of 95 km/h so that the occupants undergo a...
-
What economic conditions would prompt investors to take advantage of a bonds convertibility feature?
-
The payoff function for the holder of straight debt looks like that for the seller of a put option. Convertible debt is straight debt plus a call option on a firms stock. How does the addition of a...
-
Tejada Enterprises reported EBITDA of $7,300,125 and net income of $3,328,950 for the fiscal year ended December 31, 2011. During the same period, the company had $1,155,378 in interest expense,...
-
According to the pecking order theory: A. new debt is preferable to new equity. B. new debt is preferable to internally generated funds. C. new equity is always preferable to other sources of capital.
-
According to the static trade-off theory: A. debt should be used only as a last resort. B. companies have an optimal level of debt. C. the capital structure decision is irrelevant.
-
All else equal, the use of long-maturity debt is expected to be greater in those markets in which: A. inflation is low. B. capital markets are passive and illiquid. C. the legal systems protection of...
Study smarter with the SolutionInn App