Calculate shauns other taxable income for the 2019

Assignment Help Accounting Basics

Reference no: EM132968933

Question: Shaun Mender is a resident taxpayer engaged as a professional basketball player for the South-Eastern Frill Necks. He is covered by adequate private health insurance.

During the 2019/20 tax year, Shaun had the following transactions:

- Shaun commenced the year on a contract for an annual salary of $120,000.

- On 31 December 2019, the coach of the team was sacked following 15 successive losses. Shaun was offered, and accepted, an additional $50,000 to coach the team for the remainder of the season as well as continue playing.

- Shaun's 2020 Income Statement disclosed the following: Gross Salary $ 170,000 PAYG tax withheld $ 65,800

- Shaun incurred the following deductions during the year: Deductions for equipment costs incurred as a player - $6,000. Deductions for seminars, travel and home study incurred as a coach - $11,000. Shaun's average taxable professional income from previous years is $80,000.

Calculate Shaun's taxable professional income for the 2019/20 tax year.

Calculate Shaun's other taxable income for the 2019/20 tax year.

Calculate Shaun's net tax payable or refundable for the 2019/20 tax year

Reference no: EM132968933

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