Question 2 Sandra, an Australian resident taxpayer, operates a restaurant in Sydney as a sole trader....

Transcribed Image Text:

Question 2 Sandra, an Australian resident taxpayer, operates a restaurant in Sydney as a sole trader. For the income year ended 30 June 2022, the assessable income derived from her business was $170,000. The deductions from the business were $84,000. She also had a weekend job at a local shopping centre from which she derived assessable income of $22,000. Her personal deductions (e.g. gifts to charities, tax agent's fee, work related expenses) amounted to $4,200 for the year. You can assume that all these expenses can be substantiated. Sandra has an accumulated higher education loan program (HELP) liability/debt of $12,800 as at 30 June 2022. Sandra does not have private health insurance. 1. Calculate Sandra's taxable income for the year ended 30 June 2022. 2. Calculate Sandra's liability to the ATO for the income year ended 30 June 2022. Question 3 Samantha is a sales associate for a company based in Sydney. On 25 June 2022, she is informed that due to her excellent performance during the year, she will receive a cash bonus of $10,000 in her next pay (paid on 3 July 2022). (a) Advise Samantha whether the bonus will be assessable income, and if so, what year she will be assessed on the amount. Question 2 Sandra, an Australian resident taxpayer, operates a restaurant in Sydney as a sole trader. For the income year ended 30 June 2022, the assessable income derived from her business was $170,000. The deductions from the business were $84,000. She also had a weekend job at a local shopping centre from which she derived assessable income of $22,000. Her personal deductions (e.g. gifts to charities, tax agent's fee, work related expenses) amounted to $4,200 for the year. You can assume that all these expenses can be substantiated. Sandra has an accumulated higher education loan program (HELP) liability/debt of $12,800 as at 30 June 2022. Sandra does not have private health insurance. 1. Calculate Sandra's taxable income for the year ended 30 June 2022. 2. Calculate Sandra's liability to the ATO for the income year ended 30 June 2022. Question 3 Samantha is a sales associate for a company based in Sydney. On 25 June 2022, she is informed that due to her excellent performance during the year, she will receive a cash bonus of $10,000 in her next pay (paid on 3 July 2022). (a) Advise Samantha whether the bonus will be assessable income, and if so, what year she will be assessed on the amount.

Answer rating: 100% (QA)

1 Calculate Sandras taxable income for the year ende... View the full answer