Reference no: EM133047536

Question 1 - During the 2019/20 tax year, Selma Carr (aged 63.), received a superannuation income stream benefit of $56,200 from her superannuation fund. As her superannuation was derived from an untaxed superannuation fund, PAYG tax of $6,875 was withheld from the income stream. Selma also received interest of $4,220 from term deposits during the year. Selma has adequate private health insurance.

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

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

Question 2 - Sid Gallen is a single resident taxpayer aged 59. On 15 April 2020, it was mutually agreed that his appointment as head coach of the Lesser Eastern Sydney AFL team would be terminated.

On terminated, Sid received the following amounts:

Unused Annual Leave (post 17/08/1993) $6,800

Severance Payment (including $31,255 PAYG tax withheld) $167,000

Reportable Fringe Benefit (the club allowed Sid to keep some air tickets that had been booked) $9,300

Sid had received a gross salary of $120,000 during the year up until the date of termination (PAYG tax withheld of $41,000). Sid has no private health insurance and does not have any dependant children.

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

Calculate tax payable or refundable for the 2019/20 tax year.

Question 3 - Ben Rawiller, a resident taxpayer operates an electrical goods store. During the 2019/20 tax year, Ben had the following transactions:

Sales $2,927,800

Purchases of trading stock $1,385,680

Stock - 1 July 2019 $ 458,470

Stock - 30 June 2020 (cost) $ 401,800

Stock donated to registered charities at market value (deductible) $ 49,300

Other deductible expenses $ 582,370

Trading stock destroyed due to flooding in store $ 83,490

Using the above data, calculate Ben's Taxable income for 2019/20.