FNSACC512 Prepare Tax Documentation For Individuals Assignment
Answer:
Case One
|
Tax payable on employment termination Payment | |
|
Particulars |
Amount |
|
Total Termination Payment |
$740,000 |
|
Tax free component of the payment (per July 1983) |
$51,980 |
|
Taxable Component |
$688,020 |
|
Tax on Taxable component |
|
|
15% including Medicare levy on the first 175000 |
$28,875 |
|
45% including Medicare levy on the first 175000 |
$238,554 |
|
Tax Payable on Termination amount |
$267,429 |
Notes:
The employment termination payment prior to July 1983 is tax-free component. The ETP limit for the year is $175000.
Case Two
|
Statement showing calculation of Taxable income | ||
|
Particulars |
Amount |
Amount |
|
Assessable Income |
|
|
|
Salary |
|
$92,000.00 |
|
Dividend |
$3,820.00 |
|
|
Franking credit |
$1,637.00 |
|
|
Dividend (gross) |
|
$5,457.00 |
|
Total Assessable income (A) |
|
$97,457.00 |
|
Allowable Deduction |
|
|
|
Deduction for earning salary |
|
$5,780.00 |
|
Taxable Income |
|
$91,677.00 |
|
Tax Payable (17547+(91677-80000)X37%) |
|
$21,867.49 |
|
Medicare Levy |
|
$1,375.16 |
|
Total Tax payable |
|
$23,242.65 |
|
Franking credit |
$1,637.00 |
|
|
PAYG |
$29,985.02 |
|
|
Personal Tax offset |
$2,355.00 |
|
|
Total |
|
$33,977.02 |
|
Net Tax Payable /( Refundable) |
|
-$10,734.38 |
Reference
Barkoczy, S., 2016. Foundations of Taxation Law 2016. OUP Catalogue.
Cao, L., Hosking, A., Kouparitsas, M., Mullaly, D., Rimmer, X., Shi, Q., Stark, W. and Wende, S., 2015. Understanding the economy-wide efficiency and incidence of major Australian taxes. Treasury WP, 1.
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