Reference no: EM132117174

ELEMENTARY AUSTRALIAN TAXATION LAW CASE STUDY ASSIGNMENT -

REQUIRED -

Part A -

Section 1 - Calculate the taxable income and net tax payable of Michael Vermeesch for the year ended 30 June 2018.

Section 2 - Complete the individual tax return for Michael Vermeesch for the year ended 30 June 2018.

PART B -

Calculate the taxable income and net tax payable for Tanya for the year ended 30 June 2018. She wants to make use of any relevant SBE concessions.

Notes -

PART A- Section 1

Part A focuses on the income and deductions relevant to individual taxpayers not carrying on a business.

Please present your answer in a column format listing all income items and all expense items.

Items excluded from your calculations must have a brief explanation for the exclusion. No marks will be awarded when no reasons have been given for omissions. No marks will be awarded when an incorrect reason has been given for omissions.

Remember "Not income" is not an acceptable reason because it does not explain why the receipt is not income.

Once you have completed your taxable income calculation, you should calculate the net tax payable for Mr. Michael Vermeesch.

PART A - Section 2

Use the figures in Part A - Section 1 to complete the Individual Tax Return. You should refer to the individual tax return instructions (a link has been provided on Blackboard) to determine where the relevant income and expense items should be input in the tax return.

Please reference your figures in the various labels in the tax return back to the figures in your taxable income calculation in Part A. This is especially important when figures in the various labels of the tax return consist of a number of items.

Ensure that the taxable income figure in the tax return equals the taxable income calculated in Section 1.

PART B

Part B has no link to Part A of the question and instead focuses on the income and deductions of an individual taxpayer running a business.

As with Part A - Section 1, please present your answer in a column format listing all income items and all expense items.

Items excluded from your calculations must have a brief explanation for the exclusion. No marks will be awarded when no reason have been given for omissions. No marks will be awarded when an incorrect reason has been given for omissions.

Finally, calculate the taxable income and net tax payable for Tanya for the year ended 30 June 2018 assuming she wants to take advantage of the SBE concessions where they are available.

Attachment:- Assignment File.rar