Reference no: EM132867396
Question - Part 1 - Mrs AShe has presented you with the following list of items.Payment summary from Company B, a single mum with two children, would like you to assist her to prepare her tax return for the 30 June 2021 tax year.
Payment Summary for casual work from Company C - 50413
Payment for attending a casual work conference - 9357
Reimbursement for expenses at the casual work conference - 2000
State lottery winnings - 1000
Net capital gain on shares sold during the year - 6114
Dividends received - 6615
Compensation for loss of wages due to an injury at her casual job - 1000
Interest from a bank term deposit - 1000
Money from selling eggs that her chickens laid to her friends - 500
General work deductions - 10000
Deductions that are not allowed for tax purposes - 5000
She had private insurance from 1 January 2021 and a HELP debt of $20,000.
a) How much is her taxable income?
Part 2 - Use the 2021 tax rates from.
Mrs A, a single mum with two children, earned a taxable income of $190,000 for the 30 June 2021 tax year.
She had private insurance from 1 January 2021 and a HELP debt of $20,000.
b) Calculate her tax payable for the year.
Underline your answer and show full workings in the space provided.
c) If Mrs A worked at a jewellery store and her employer gave her a sales bonus of a diamond ring valued at $10,000 how would you treat this for taxation purposes? Briefly explain making reference to any relevant case law.