Solution-Calculate tims australian taxable income

Calculate tims australian taxable income

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Reference no: EM13300499

Tim Brown is employed by John West, the UK parent company located in Liverpool, England. On the 1^st of December 2012 Tim was transferred to Echuca to work for Simplot Australia for a period of five years. This company is a leading Australian Food Manufacturer whose iconic brands include John West. Tim lived in a house owned by Simplot Australia and leased his Liverpool residence. During the year ended 30^th June 2103 the following transactions took place:

Salary from John West in Liverpool (1 July 2012 to 30 November 2012) $25,000
Salary from Simplot Australia $62,000
Bonus on commencement of work - paid by Simplot Australia $4,500
Productivity Bonus (paid 5^th July 2013) $2,500
Interest on an Australian Bank Deposit $500
Rental Income for their residence in Liverpool $4,000
Interest Income from New York Bank
- (15% withholding tax has been paid) $425

Required:

(a) Calculate Tim's Australian taxable income and Australian tax payable for the year ending 30.06.2013

Reference no: EM13300499

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Calculate tims australian taxable income

Reference no: EM13300499

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Reference no: EM13300499

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