BLOCK 1 TRIMESTER 2 2017: TLAW 303 – TAXATION LAW – ASSIGNMENT QUESTIONS Assessment Details Due date: Friday, 18 August 2017 11-59 PM IN MOODLE Weighting: 40% Format: Four income tax calculation questions. 10 marks each.

BLOCK 1 TRIMESTER 2 2017: TLAW 303 – TAXATION LAW – ASSIGNMENT QUESTIONSAssessment DetailsDue date: Friday, 18 August 2017 11-59 PM IN MOODLEWeighting: 40%Format: Four income tax calculation questions. 10 marks each.ObjectivesAnswer the following questions with reference to the relevant legislative provisionsoperating in Australia concerning the calculation of income tax. Do not consider the effectsof legislation potentially applicable other than that specifically identified.Assessment TasksQuestion 1 10 MarksCalculate the income tax payable, ignoring the Medicare levy, for the following taxpayers forthe year ended 30 June 2016:(a) An Australian individual who is a resident with a taxable income of $15,000.(b) ) An Australian individual who is a non-resident with a taxable income of $15,000.(c) ) An Australian company with a taxable income of $15,000.(d) ) An Australian individual who is a resident with a taxable income of $155,000.(e) ) An Australian individual who is a non-resident with a taxable income of $155,000.(f) An Australian company with a taxable income of $155,000.(g) ) An Australian individual who is a resident with a taxable income of $255,000.(h) ) An Australian individual who is a non-resident with a taxable income of $255,000.(i) An Australian company with a taxable income of $255,000.(j) An Australian company qualified as a “small business entity” with a taxable income of $100.Question 2 10 MarksCalculate the Medicare levy and Medicare levy surcharge payable for the year ended 30 June2016 for the following taxpayers:(a) An Australian resident, aged 25 years, with a taxable income of $18,000.(b) An Australian resident, eligible for a Seniors tax offset, with a taxable income of $32,000.(c) An Australian resident, aged 45 years, with a taxable income of $45,000.(d) A taxpayer who is not a resident for tax purposes, with a taxable income of $45,000.2(e) ) An Australian company with a taxable income of $2,500,000.(f) An Australian resident, aged 45 years, with a taxable income of $110,000, holding privatehealth insurance.(g) An Australian resident, aged 45 years, with a taxable income of $110,000, and no privatehealth insurance.(h) An Australian resident with a taxable income of $150,000, holding private health insurancefor 90 days of the income year.(i) Victor and his wife are Australian residents. Victor has a taxable income of $110,000 andhis wife Jackie a taxable income of $75,000. They have no children and no private healthinsurance.(j) An Australian couple have four children and no private hospital health insurance. Whatwould be the family’s minimum Medicare levy surcharge threshold?Question 3 10 MarksYou client, Rob, has the following income and deductions for the financial year ended 30 June2015: salary, $32,000; bank interest received, $150; and allowable deductions for special workclothing, $450. Rob’s employer has deducted $2600 as PAYG tax from his salary during theyear.Calculate Rob’s income tax payable or refundable.Question 4 10 MarksDuring the current income year Rafael, a resident taxpayer, has a gross salary of $68,000 (PAYGtax withheld $15,100), a fully franked dividend of $2,000, an unfranked dividend of $1,000, anda 60% franked dividend of $900.There are no deductions. Calculate Rafael’s taxable income and tax payable.Marking GuideQuestions 1 & 2 have 10 parts and for the correct answer of each part, 1 mark will be allocated.

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