Question: The scenario is for the 2 0 2 3 / 2 4 financial year. You will need to refer to the Australian Taxation Office s
The scenario is for the financial year. You will need to refer to the Australian Taxation Offices ATOs website for the tax rates and the medicare levy. Include the URL reference or a screen shot to demonstrate the information you obtained.
FJ Holden sells new cars for a living. She earns $ per week plus a commission of on properties she sells. In the financial year she sold $ worth of cars. She receives the weekly retainer for weeks of the year.
During the financial year she also made a term deposit of $ invested for months at a rate of pa compounding monthly.
FJ Holden is paid a petrol allowance of $ per month.
She has work related travel expenses of $ per year.
She has a dependent spouse so is entitled to a tax offset of $
She has a $ iPad. She estimates she uses it of the time for work purposes. She is able to depreciate the laptop over a three year period using the straight line method and claim the depreciation as a tax deduction. assume a scrap value of $
FJ does not have to pay the Medicare surcharge, only the standard medicare levy.
a Determine FJs taxable income for the year.
b Calculate the total tax payable by FJ Holden in the year. Be sure to include the medicare levy.
c Given that FJs Payment summary already indicates that FJ has paid $ in tax, does FJ get a refund or does Stevie have to pay more tax to the government?
d Next year, FJs boss is altering her work conditions and she wont earn a commission. However, her weekly pay will increase to $ Will she have to pay more or less tax? What is the percentage tax difference? Assume all other conditions are the same and use the tax table
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