Abyan had a taxable income of $38,300. Calculate her net tax payable includingMedicare levy.Question 2Clive Clumsy was injured during his employment, and for the first 10 weeks after theinjury he received $400nper week compensation.

Abyan had a taxable income of $38,300. Calculate her net tax payable includingMedicare levy.Question 2Clive Clumsy was injured during his employment, and for the first 10 weeks after theinjury he received $400nper week compensation.

A Supreme Court judgment awardedhim $71,000 for the injury. This was made up as follows: $26,000 being loss of pay of $1,000 per week for 26 weeks to date less the$400 per week for the first 10 weeks already paid $5,000 being payment for hospital and medical expenses incurred $30,000 for reduced working capacity in future $10,000 for pain and sufferingClive has other income of $12,582. Calculate his taxable income and net tax payableincluding Medicare levy.Question 3Maggi had the following income and deductionsSalaryRe-imbursement of work related km travelledInterestArmy Reserve IncomeExpenses which are fully deductible for tax purposes $25,0001,9001,0002,5002,800 Calculate her taxable income and net tax payable for the current year includingMedicare levyQuestion 4Tina bought a block of land in October 1984 with the intention of eventually buildinga holiday house. After being transferred to another state she sold the block in thecurrent year and made a gain of $64,000. Is the gain of $64,000 assessable income.Question 5Luke sold the following assets during the current year.AssetAsset1Asset 2Asset 3 Cost Base10,00010,00010,000 Reduced CB10,0009,0009,000 Capital Proceeds15,0008,0009,700 Work out his CG or CL.Question 6Darren consulted his accountant Mr. Gough regarding the purchase of a holiday home.The cost of his advice was $500 in September 1991. In addition he paid stamp duty of$3,150. This was paid in October 1991.Darren used a loan to acquire the property and paid $250nstamp duty on the loan inJanuary 1992. The property was sold in September CY for $280,000. Costs associated with the sale include commission of $6,750 paid to the real estate salesman who soldthe property and advertising of $600. Both these expenses were paid in SeptemberCY.Incidental costs$Accountant’s advice500Stamp duty on property3,150Stamp duty on loan250Commission on sale6.750Advertising cost600He further incurred the following expenses into his property$Interest on loan25,000Insurance cost over the period of ownership 3,500Repair to stairs1.800Rates and land tax paid6,900Interest of $3,000 was paid since October 1996 when Darren obtained a personal loanto refurbish the kitchen and bathrooms at cost of $25,000In December 1994, Darren’s next door neighbor, Mark Taylor, disputed the placementof fence and considered that some of the land on Darren’s side of the fence was I nfact his land. It cost Darren $2,000 in various fees and cost to prove that the fence wascorrectly placed. Mark did not pay any of Darren’s costsCalculate Darren CGT.What if the holiday home was sold for $180,000 ?Question 7The Jack and June partnership provides accounting services to the general public. Thegross fees of the partnership were $210,000 in the year ended 30 June 2014. Thepartnership employs three people and paid them $30,000 each in salary for the yearand in addition paid superannuation contributions of $2,250 for each of the employeesinto a complying superannuation fund. The partnership also paid $5,000 for each ofthe partners into a complying superannuation fund. Jack was paid a salary of $30,000from the partnership while June was paid a salary of $35,000. Jack had drawings of$15,000 from the partnership during the year while June had $8,000. Jack had loaned$60,000 to the partnership for three years for use as working capital at 8% interest perannum and the partnership paid him $4,800 in interest during the year. The prevailingcommercial rate for business loan is 8%. The partnership had a net loss of $34,000 inthe year ended 30 June 2013. Based on the above information, what is the net incomeof the partnership for the year ended 30 June 2014?The net income of the partnership is calculated as if the partnership was a residenttaxpayer including the normal assessable amounts and deductions but not includingcontributions for superannuation for the partners or carried forward losses. Thecalculation is as follows:Assessable incomeLess: $210,000 Employee salaries paidSuper for employeesInterest on loanNet income – s 90 ITAA36 90,0006,7504,800$108,450 Partners’ salaries are not a deduction to the partnership and drawings have no impacton the net income of the partnership. The loan by Jack to the partnership appears to beon commercial terms and therefore the interest on this loan is deductible to thepartnership.Question 8Bill and Mary carry on a retail business in partnership. The financial statements of thepartnership for the year ended 30 June 2014 indicate an operating profit of $35,000after paying a partnership salary of $60,000 to Bill. Bill and Mary have an equalentitlement to the income of the partnership after the payment of salaries. Thefollowing additional information relates to determining the net income of thepartnership:Superannuation contributions by the partnership of $4,000 on behalf of Billhave been claimed as an expense in determining the operating profit of thepartnership. An amount of $560 in speeding fines paid for Bill has been claimed as anexpense in determining the operating profit of the partnership. Mary withdrew $3,000 from the partnership bank account during the year topay for some dental surgery work for one of her children. This has beenclaimed as an expense in determining the operating profit of the partnership. No depreciation has been deducted in determining the operating profit. Theamount of depreciation calculated under division 40 ITAA 97 was $5,000.Based on this information what is the net income of the partnership for the year ended30 June 2014? Question 9The Tennyson Family Trust is a discretionary trust that carries on a retail business. Ithad sales proceeds of $400,000, expenses when operating its business of $230,000and it received a fully franked cash dividend of $7,000 during the year. What is thenet income of the trust for the current year?Question 10The Hayden Family Trust is a discretionary trust with three individual residentbeneficiaries. The following is a summary of the financial information necessary tocalculate the net income of the trust for the year ended 30 June 2014:• Rental income from renting out residential property of $230 000. Relatedallowable deductions were $76,000.• Sale of a rental property on 14 May 2014 for $560 000 where the property waspurchased on 5 June 2000 for $410,000.• Cash dividends of $21,000 received from Australian resident companies. Alldividends were fully franked.• Interest income of $12,000 received during the year Question 11Elizabeth purchased a truck (carrying capacity 10 tonnes) for use in her deliverybusiness for $67,000 on 1 September 2012. She uses the truck 100% for business useat all times and is not using the Small Business Entity (SBE) method of depreciation.The effective life of the truck at the time of acquisition was seven years. Herdepreciation claim (assuming diminishing value method applied and rounded tonearest $1) for the year ended 30 June 2014 will be:Question 12Elizabeth purchased a truck (carrying capacity 10 tonnes) for use in her deliverybusiness for $67,000 on 1 September 2012. She uses the truck 100% for business useat all times and is not using the Small Business Entity (SBE) method of depreciation.The effective life of the truck at the time of acquisition was seven years. Herdepreciation claim (assuming prime cost method applied and rounded to nearest $1)for the year ended 30 June 2014 will be:Question 13Bill is a self-employed electrician who primarily undertakes electrical repair work forthe public and at 30 June 2014 he had the following items on hand: Light fittings that cost $12,000 during the year – he will separately charge for thelight fittings when completing a job.Electrical cable that cost $3,000 – he will use the cabling to complete his work butwill not separately charge an amount for the cable used in completing a job.Nails and screws that cost $700 – he will use these in completing his work but willnot separately charge an amount for the nails and screws used in completing a job.Tools purchased during the year that cost $4,000

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