Securing Higher Grades Costing Your Pocket? Book Your Coursework Help at The Lowest Price Now!

  • +1-617-874-1011 (US)
  • +44-117-230-1145 (UK)
Online Customer Service

Taxation Sample Assignment

  44 Download     📄   4 Pages / 926 Words

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.

This problem has been solved.


Please send an Email to help@urgenthomework.com with the Payment ID and the link to the document to collect by email


Cite This work.

To export a reference to this article please select a referencing stye below.

Urgent Homework (2022) . Retrive from https://www.urgenthomework.com/sample-homework/taxation-sample-assignment

"." Urgent Homework ,2022, https://www.urgenthomework.com/sample-homework/taxation-sample-assignment

Urgent Homework (2022) . Available from: https://www.urgenthomework.com/sample-homework/taxation-sample-assignment

[Accessed 29/11/2022].

Urgent Homework . ''(Urgent Homework ,2022) https://www.urgenthomework.com/sample-homework/taxation-sample-assignment accessed 29/11/2022.


Buy Taxation Assignment Answers Online

Talk to our expert to get the help with Taxation Assignment to complete your assessment on time and boost your grades now

The main aim/motive of the management assignment help services is to get connect with a greater number of students, and effectively help, and support them in getting completing their assignments the students also get find this a wonderful opportunity where they could effectively learn more about their topics, as the experts also have the best team members with them in which all the members effectively support each other to get complete their diploma assignments. They complete the assessments of the students in an appropriate manner and deliver them back to the students before the due date of the assignment so that the students could timely submit this, and can score higher marks. The experts of the assignment help services at urgenthomework.com are so much skilled, capable, talented, and experienced in their field of programming homework help writing assignments, so, for this, they can effectively write the best economics assignment help services.

Get Online Support for Taxation Assignment Help Online


Want a fresh copy of this Assignment

Resources

  • 24 x 7 Availability.
  • Trained and Certified Experts.
  • Deadline Guaranteed.
  • Plagiarism Free.
  • Privacy Guaranteed.
  • Free download.
  • Online help for all project.
  • Homework Help Services

Testimonials

Urgenthomework helped me with finance homework problems and taught math portion of my course as well. Initially, I used a tutor that taught me math course I felt that as if I was not getting the help I needed. With the help of Urgenthomework, I got precisely where I was weak: Sheryl. Read More

Tap to Chat
Get Instant Assignment Help
Tap to Chat
Get Instant Assignment Help