BUS303-Taxation – Accounting & Finance Assignment Help

Taxation 

Mrs A, a single mum with two children, would like you to assist her to prepare her tax return for the 30 June 2022 tax year.

She has presented you with the following list of items.
Payment summary from Company B – 83525
Payment Summary for casual work from Company C – 46855
Payment for attending a casual work conference – 9096
Reimbursement for expenses at the casual work conference – 2000
State lottery winnings – 1000
Net capital gain on shares sold during the year – 6581
Dividends received – 8104
Compensation for loss of wages due to an injury at her casual job – 1000
Interest from a bank term deposit – 1000
Money from selling eggs that her chickens laid to her friends – 500
General work deductions – 10000
Deductions that are not allowed for tax purposes – 5000
She had private insurance from 1 January 2021 and a HELP debt of $20,000.

Question 1- How much is her taxable income? Show all workings and TYPE your answer in the space provided.

 
Question 2

Use the 2022 tax rates:
Mrs A, a single mum with two children, earned a taxable income of $200,000 for the 30 June 2022 tax year.
She had private insurance from 1 January 2022 and a HELP debt of $20,000. Calculate her tax payable for the year.
Underline your answer and show full workings in the space provided.

Question 3
Use the 2022 tax rates:
Mrs A, a single mum with two children, earned a taxable income of $200,000 for the 30 June 2022 tax year.
She had private insurance from 1 January 2022 and a HELP debt of $20,000. Calculate her tax payable for the year.
Underline your answer and show full workings in the space provided.

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