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Tax payable of john for the year

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Reference no: EM13510144

John Smith is a resident of Australia and a full-time employee for Paladin Ltd.   He provides you with the following information for the year ended 30 June 2014.

RECEIPTS

                                                                                                                   $

Net salary received (PAYGW $18,000)                                                   80,000
Fringe benefits - low interest loan                                                        15,000
Fully franked dividend paid by Exmouth Ltd - reinvested                       7,000
Share of income - The  Estate of Harry Smith                                         2,500
Loss on sale of shares                                                                               3,600
Gross Profit on sale of Jet ski - purchased 01/01/2001                           5,000

PAYMENTS

Motor Vehicle expenses - see Note 1

Superannuation contribution for John Smith   - made by Paladin Ltd    6,000
Superannuation contribution - made by John Smith                               3,000
Donation - Royal Children's Hospital                                                          150
Net rental loss on investment property- No 1                                          3,500
Loss on capital investment- investment property - No 2                      35,000

Education Expenses- see Note 2                                                              3,500
Membership fees - Master Chefs Association                                            250

Note 1

MOTOR VEHICLE INFORMATION

John uses his car for work purposes for 9 months of the financial year. He maintained a log book for the whole of the financial year. His private kilometres were 20,000 and his total kilometres were 40,000 for the year. The Motor Vehicle (4200ccs) cost $125,000 on 1/03/2014.  It has an effective life of 8 years. Expenses for the year ended 30 June 2014 are as follows:

                                                                                                                                                              $

Fuel                                                                                                           3,104
Cost of repairs -accident                                                                         9,500
Insurance                                                                                                     855
Repairs                                                                                                         427
Parking fees                                                                                                   22
Registration and 3rd Party                                                                          438
Road Tolls                                                                                                      54
Car washes                                                                                                    45
New Motor -purchased 1 March 2014 - not separate asset                10,500

Note 2

John is employed as an IT manager and is a member of the IT Association of Australia, a professional accrediting body providing among other services continuing professional education (CPE) to members.

Members must complete a minimum 20 hours per year of CPE. John attended a four day conference in Hawaii in October 2013 of the International IT Association. John arranged a package that included:

Conference fees                                                                                          800
Air fares                                                                                                    1,600
Accommodation and meals - 8 days                                                       1,100

John spent an extra 4 days holidaying.

REQUIRED:

CALCULATE the TAXABLE INCOME and TAX PAYABLE of John for the year ended 30 June 2014.

Reference no: EM13510144

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