Taxation Law

1. A.



Gross Salary


Less: Reportable FBT


Less: Reportable Employer Superannuation Contributions


Less: fully franked dividend (4000 x 30/70)


Less: net rental loss


Less: HELP (HECS) debt


Total assessable income


Income Tax Payable


Add: 2% medicare


Total Tax Payable


B. this is a kind of jobkeeper payment where the payment made to eligible businesses and not-for-profits affected by the Coronavirus to support them in retaining employees. Eligible businesses that elect to participate will receive a payment of $1,500 per fortnight per eligible employee to support the people they employed as at 1 March 2020 who are retained in employment. Businesses must have paid their employees before they are entitled to receive the JobKeeper payment. Where an employee’s total remuneration is less than $1,500 per fortnight (before tax), or has been stood down, the employer must provide the employee at least $1,500 per fortnight (before tax). Where an employee earns more than $1,500 per fortnight, employers can use the payment to subsidise the employee’s wages.

2. A. This case was contended before in the primary (although not solely) regarding whether the cost included ought to be denied allowance since it was private or homegrown and all the more especially in light of the fact that it was caused by the Applicant to defeat an actual disability. However, It can't be helped thinking that it is at any rate doubtful that the "fundamental character" of the cash spent was no more nor not exactly the installment of wages or all in all the securing for wages of administrations required to empower the Applicant to infer her pay. In the event that this methodology is right the way that the Applicant experienced an inability gets insignificant. On the off chance that a citizen burns through cash on a thing in regard of which a derivation is in the customary course permissible to determine pay then an allowance is accessible paying little mind to the motivation behind why the cash was spent and regardless of whether the sum spent was in certain regards lavish. We don't in such conditions find out if the citizen was handicapped and all citizens are dealt with the same. Either the sum went through falls with s 8-1 of the 1997 Act or it doesn't.

B. The maximum income tax deduction available are:

Re-painting the interior and exterior of the factory building at a cost of $52,000

Borrowing fees of $2,500 x 365*(3652) = $249.86

Total deduction: $52249.86

3. A.

1. In the event that you lease a business property as your business premises, the lease is deductible. As the tenant (occupant), you might have the option to guarantee GST credits for the GST remembered for the lease in the event that you and the lessor are enrolled, or needed to be enlisted, for GST. in case you're enlisted, or needed to be enrolled for GST, you're responsible for GST on the lease you charge on business premises. You might be needed to enlist for GST in case you're managing property and your turnover from these exercises surpasses the GST enrollment turnover limit. This incorporates one-off exchanges like purchasing, selling, renting and creating (which may establish leading an endeavor). You can for the most part guarantee GST credits on buys that identify with leasing your property, for example, the GST remembered for the dealing with specialist's charges

2. You should return GST on available deals on the off chance that you are needed to enroll. The Australian GST rate is 10%, so the GST will be 1/eleventh of the cost paid by the customer. On the off chance that the cost incorporates expenses for transportation or protection, this is commonly remembered for the value you charge GST on.

3. According to GST Law, there is no GST payable on Fresh fish. So the pace of GST payable on Fresh fish is nil rate. The Goods and Services Tax (GST) will be collected at different rates going from 0% to 28 percent.

4. Labor and products charge (GST) is an assessment of 10% on most merchandise, services and different things sold or burned-through in Australia. On the off chance that your business is enrolled for GST, you need to gather this additional cash (one-11th of the deal cost) from your clients. You pay this to the Australian Taxation Office (ATO) when it's expected.













Franking deficit tax paid





Company tax instalment PAID





Received a 60% franked dividend from a resident

                        ASX public company





Paid fully franked dividends




C. Interest is a total payable for the utilization of another aggregate (the head) and is communicated as a level of the head. Interest is deductible to the degree to which it is brought about in acquiring or creating assessable pay or in carrying on a business for that reason and isn't of a capital, private or homegrown nature. Premium isn't ordinarily a capital active since it is a repetitive cost which doesn't get an "suffering benefit"; rather, it just gets the utilization of acquired cash during the term of the advance. This applies even where the acquired assets are utilized to buy a capital resource. Interest paid to get a capital total or keep it available for use has been discovered to be on income account. Be that as it may, no derivation is accessible for interest on borrowings identifying with the creation of absolved pay.




Gross salary


Accrued long service leave


Less: Undeducted Contributions




Tax payable


5. A. Statutory formula:

BASE value of car x applicable statutory % x no.of days in the FBT year / no. of days in FBT year

62000 x 67% x 120 / 365 = $13656

Operating Cost:

Taxable value = [Total Vehicle Costs x Private Use Percentage] – minus Employee Contributions

62000+1780+3900+1750 x 67% - nil


B. The statutory FBT method is based on how much the vehicle costs rather than how much it is being used privately. It uses a flat rate of 20% of the car's base value, taking into account the number of days per year the vehicle is available for private use.




Purchasing price


Selling price


Net Gain


Less: Capital Loss

Sale of antiques



Net Capital Gain


Remember, at the center of any academic work, lies clarity and evidence. Should you need further assistance, do look up to our Taxation Law Assignment Help

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