Taxation Sample Assignment
Answer to Question 1
a)
|
Calculation of the Income Tax Payable for resident Individual | |
|
for the year ended 30 June | |
|
Particulars |
Amount |
|
Taxable Income |
$15,000.00 |
|
Tax on Taxable Income | |
|
for first $18200 |
Nil |
|
Income Tax Payable |
Nil |
The taxable income is less than $18200 so the tax payable is Nil.
b)
|
Income Tax Payable for nonresident Individual | |
|
for the year ended 30 June | |
|
Particulars |
Amount |
|
Taxable Income |
$15,000.00 |
|
Tax on Taxable Income | |
|
for first $87000 (32.5%) |
$4,875.00 |
|
Income Tax Payable |
$4,875.00 |
c)
|
Income Tax Payable for Australian Company | |
|
for the year ended 30 June | |
|
Particulars |
Amount |
|
Taxable Income |
$15,000.00 |
|
Tax on Taxable Income | |
|
Tax rate @30% |
$4,500.00 |
|
Income Tax Payable |
$4,500.00 |
d)
|
Income Tax Payable for resident Individual | |
|
for the year ended 30 June | |
|
Particulars |
Amount |
|
Taxable Income |
$155,000.00 |
|
Tax on Taxable Income | |
|
From $87001 to $180000 @37% |
$44,982.00 |
|
Income Tax Payable |
$44,982.00 |
e)
|
Income Tax Payable for nonresident Individual | |
|
for the year ended 30 June | |
|
Particulars |
Amount |
|
Taxable Income |
$155,000.00 |
|
Tax on Taxable Income | |
|
28275+ (155000-87000)*37% |
$53,435.00 |
|
Income Tax Payable |
$53,435.00 |
f)
|
Income Tax Payable for Australian Company | |
|
for the year ended 30 June | |
|
Particulars |
Amount |
|
Taxable Income |
$155,000.00 |
|
Tax on Taxable Income | |
|
155000*30% |
$46,500.00 |
|
Income Tax Payable |
$46,500.00 |
g)
|
Income Tax Payable for resident Individual | |
|
for the year ended 30 June | |
|
Particulars |
Amount |
|
Taxable Income |
$255,000.00 |
|
Tax on Taxable Income | |
|
62685+(255000-180000)*45% |
$96,435.00 |
|
Income Tax Payable |
$96,435.00 |
h)
|
Income Tax Payable for nonresident Individual | |
|
for the year ended 30 June | |
|
Particulars |
Amount |
|
Taxable Income |
$255,000.00 |
|
Tax on Taxable Income | |
|
62685+(255000-180000)*45% |
$96,435.00 |
|
Income Tax Payable |
$96,435.00 |
i)
|
Income Tax Payable for Australian Company | |
|
for the year ended 30 June | |
|
Particulars |
Amount |
|
Taxable Income |
$255,000.00 |
|
Tax on Taxable Income | |
|
255000*30% |
$76,500.00 |
|
Income Tax Payable |
$76,500.00 |
j)
|
Income Tax Payable for Australian Company | |
|
for the year ended 30 June | |
|
Particulars |
Amount |
|
Taxable Income |
$100.00 |
|
Tax on Taxable Income | |
|
100*27.5% |
$27.50 |
|
Income Tax Payable |
$27.50 |
In case of small business, the tax rate is 27.5%.
Answer to Question 2
a)
|
Medicare Levy and Medicare Levy Surcharge | |
|
for the year ended 30 June 2017 | |
|
Particulars |
Amount |
|
Taxable Income |
$18,000.00 |
|
Medicare Levy @2% |
$360.00 |
|
Medicare Levy Surcharge @ 0% |
Nil |
b)
|
Medicare Levy and Medicare Levy Surcharge | |
|
for the year ended 30 June 2017 | |
|
Particulars |
Amount |
|
Taxable Income |
$32,000.00 |
|
Less: | |
|
Senior Tax offset |
$2,230.00 |
|
Taxable Income after tax offset |
$29,770.00 |
|
Medicare Levy @2% |
$595.40 |
|
Medicare Levy Surcharge @ 0% |
Nil |
C)
|
Medicare Levy and Medicare Levy Surcharge | |
|
for the year ended 30 June 2017 | |
|
Particulars |
Amount |
|
Taxable Income |
$45,000.00 |
|
Medicare Levy @2% |
$900.00 |
|
Medicare Levy Surcharge @ 0% |
Nil |
d)
|
Medicare Levy and Medicare Levy Surcharge | |
|
for the year ended 30 June 2017 | |
|
Particulars |
Amount |
|
Taxable Income |
$45,000.00 |
|
Medicare Levy @2% |
$900.00 |
|
Medicare Levy Surcharge @ 0% |
Nil |
In case of Australian resident the Medicare levy Surcharge is only applicable.
e)
In case of companies the Medicare Levy and Medicare Levy surcharge is not applicable.
f)
|
Medicare Levy and Medicare Levy Surcharge | |
|
for the year ended 30 June 2017 | |
|
Particulars |
Amount |
|
Taxable Income |
$110,000.00 |
|
Medicare Levy @2% |
$2,200.00 |
|
Medicare Levy Surcharge @ 0% |
Nil |
In an individual have private health insurance cover then Medicare Levy Surcharge is not applicable.
g)
|
Medicare Levy and Medicare Levy Surcharge | |
|
for the year ended 30 June 2017 | |
|
Particulars |
Amount |
|
Taxable Income |
$110,000.00 |
|
Medicare Levy @2% |
$2,200.00 |
|
Medicare Levy Surcharge @ 1.25% |
$1,375.00 |
h)
|
Medicare Levy and Medicare Levy Surcharge | |
|
for the year ended 30 June 2017 | |
|
Particulars |
Amount |
|
Taxable Income |
$150,000 |
|
Medicare Levy @2% |
$3,000 |
|
Medicare Levy Surcharge @ 1.5% |
$1,695 |
In case an individual has private health cover for part of the year then for the remaining part of the year the individual is required to pay Medicate Levy Surcharge.
i)
|
Medicare Levy and Medicare Levy Surcharge | |
|
for the year ended 30 June 2017 | |
|
Particulars |
Amount |
|
Taxable income of Victor |
$110,000.00 |
|
Taxable income of Jackie |
$75,000.00 |
|
Taxable Income |
$185,000 |
|
Medicare Levy @2% |
$3,700 |
|
Medicare Levy Surcharge @ 1.5% |
$1,850 |
The income threshold limit for family is $180000.
j)
|
Medicare Levy Surcharge threshold | |
|
for the year ended 30 June 2017 | |
|
Particulars |
Amount |
|
Family threshold |
$180,000.00 |
|
For dependent children after first one |
$4,500.00 |
|
Minimum Medicare levy threshold limit |
$184,500.00 |
The family threshold is increased by $1500 for each dependent children above the first child.
Answer to Question 3
|
calculation of Income tax Payable or refundable | ||
|
Particulars |
Amount |
Amount |
|
Salary |
$32,000.00 | |
|
Bank Interest |
$150.00 | |
|
Assessable Income |
$32,150.00 | |
|
Allowable Deduction for clothing |
$450.00 | |
|
Taxable Income |
$31,700.00 | |
|
Tax on Taxable Income |
$2,565.00 | |
|
Medicare levy |
$634.00 | |
|
PAYG Withheld amount |
-$2,600.00 | |
|
Income Tax payable/ (refundable) |
$599.00 | |
It is assumed that the salary is gross amount. The low income tax offset is not required to be shown in calculation.
Answer to Question 4
|
calculation of Income tax Payable or refundable | ||
|
Particulars |
Amount |
Amount |
|
Gross Salary |
$68,000.00 | |
|
Fully Franked dividend (net) |
$2,000.00 | |
|
Franking Credit |
$857.14 | |
|
Franked Dividend Gross |
$2,857.14 | |
|
Unranked Dividend |
$1,000.00 | |
|
Franked Dividend (60%) |
$900.00 | |
|
Franking Credit |
$239.24 | |
|
60% franked dividend |
$1,139.24 | |
|
Total Taxable Income |
$72,996.38 | |
|
Tax On taxable income |
$15,270.82 | |
|
Medicare Levy |
$1,459.93 | |
|
Franking credit |
-$1,096.38 | |
|
PAYG withholding |
-$15,100.00 | |
|
Income Tax payable/(Refundable) |
$534.37 | |
Bibliography
Braithwaite, V. (Ed.). (2017). Taxing democracy: Understanding tax avoidance and evasion. Routledge.
Gitman, L. J., Juchau, R., & Flanagan, J. (2015). Principles of managerial finance. Pearson Higher Education AU.
James, S., Sawyer, A., & Wallschutzky, I. (2015). Tax simplification: A review of initiatives in Australia, New Zealand and the United Kingdom. eJournal of Tax Research, 13(1), 280.
Saad, N. (2014). Tax knowledge, tax complexity and tax compliance: Taxpayers’ view. Procedia-Social and Behavioral Sciences, 109, 1069-1075.
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