WEEK 9

Q1 Outline a partnership structure

Does a partnership structure pay tax?

Does seem unusual?

Q2 What is a trust structure?

Does the trust structure pay tax?

Does this seem unusual?

Q3 Name the various parties to a family trust arrangement. Give examples of who these parties may be in real life

Q4 Doug Bogus is a 16-year-old fulltime student. During the 2016 / 17 tax year, Doug had the following assessable income and deductions: ASSESSABLE INCOME Wages from part time employment at Safeway (no PAYG withheld) $8,000 Interest from term deposit given by parents 2,000 Assessable Income $10,000 DEDUCTIONS Uniform relating to part time employment at Safeway 500 Tax agents fee 100 600 Taxable Income $9,400 REQUIRED:

1) Calculate Dougs excepted assessable income.

2) Calculate Dougs eligible assessable income.

3) Calculate net tax payable by Doug.