All amounts are in New Zealand dollars and GST - exclusive unless otherwise stated. Please answer the
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Question:
All amounts are in New Zealand dollars and GSTexclusive unless otherwise stated.
Please answer the question following NZ tax law.
Jana Sderberg is a tax resident of New Zealand who is employed as a policy analyst by a government agency in Wellington.
In the income year ended March Jana received the following taxable income:
A gross salary of $ from her job as a policy analyst, with PAYE of $ deducted net of ACC levies
A gross dividend of $ from a New Zealand resident company, which was fully imputed. No RWT was withheld on this dividend.
Foreign sourced interest income of $ for which Jana has correctly calculated she is entitled to a foreign tax credit of $
Jana has therefore correctly calculated her net income for the year ended March as $ She has not paid any provisional tax for the income year ended March Jana has losses carried forward from a prior year of $ from a failed partnership venture.
Required:
a Calculate Jana's terminal tax payablerefundable for the income year ended March Show all workings.
b Briefly explain the result of this calculation for Jana.
Related Book For
Financial Reporting and Analysis
ISBN: 978-1259722653
7th edition
Authors: Lawrence Revsine, Daniel Collins, Bruce Johnson, Fred Mittelstaedt, Leonard Soffer
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