Reference no: EM131183212 , Length: word count:500
Taxation (ACC3TAX) Assignment-
Task Description - Analyse, interpret and apply the correct tax regulations to a given problem and this will involve tax calculations.
Mary Johnson is a resident of Australia for tax purposes and is single. Mary is a sales representative for Prime Television and is 58 years of age. However due to a restructure, her employment was terminated on 30th April, 2016. Mary has worked with Prime Television since 1st July 1984.
During the tax year ended 30th June, 2016 Mary has received the following amounts:
- Salary of $45,000 and commission for achieving sales targets of $3,500 from Prime Television (1/7/2015 to 30/04/2016).
- Entertainment Allowance (1/7/2015 to 30/04/2106) from Prime Television. $1,500
- Interest received on her ANZ Bank Account (1/7/2015 to 30/6/2016) $500
- Interest received from a Queenstown Term Deposit Account in New Zealand net of withholding tax. (1/7/2015 to 30/6/2016)(15% has been withheld from this amount) $850
- $80,000 under an approved early retirement scheme as part of a genuine redundancy scheme from Prime Television on 30/04/2016.
- $2,000 for 10 days long service leave owing to her which had accrued since 1 July 2013 from Prime Television on 30/04/2016.
- $1,500 cash prize for winning an annual competition conducted by Foxtel for the Best Sales Achievement on 31/01/2016.
- She received a severe injury whilst visiting clients for work on 1 March 2106. As a result of the injury, Mary received the following amounts: Workers compensation from Prime Television $2,500
- On the 25th of June 2016 Mary joined the Brisbane Lions as a Recruiting Officer and signed an employment contract for five years. She has received no Salary from her employment with the Brisbane Lions during the income tax year ended 30/06/2016.
Tax withheld whilst an employee of Prime Television:
- Salary PAYG tax withholdings (see above) $11,100
- Long Service Leave tax withholdings (see above) $640
Required:
a) To what extent is Mary assessable on the above transactions? Ensure you state the specific legislation, tax rulings and case law to support your answer.
b) Calculate her assessable income, her taxable income and tax payable for the 2015/2016 tax year. Ensure you include the Medicare Levy and any tax offsets Mary may be entitled to.
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