Answered step by step
Verified Expert Solution
Question
1 Approved Answer
2 Thi Nauven is a sinale resident taxpaver who is emploved as a floor installer by Terry's Floorina. Thi also holds investments including shares and
Thi Nauven is a sinale resident taxpaver who is emploved as a floor installer by Terry's Floorina. Thi also holds investments including shares and real state and has provided of transancations that she believe relate to the income of the year.dYou are required to provide the following information to assist with the preparation of Thi's income tax return:PARTACalculate This Net Caoital GainiIdentify the relevant section reference for any exemption or exclusionClearly outline all steps in the calculation.PART BCalculate This Assessable Income.Identity the relevant section reterence for each inclusion or exclusionClearly show all necessary workingsPARTCCalculate Thi's Allowable Deductions.Identifv the relevant section references for each inclusion or exclusionClearly show all workings.Apply any available alternatives to obtain the maximum deduction availablePARTDCalculate This net tax payable or refund due.Clearly show all workings.RECEIPTS DURING DATEDESCRIPTIONNOILFULL YEAR Net Wages PAYGW totalled $ FULL YEAHRent from property in Bunbury Includes $ of rent owed from May & June FULL YEARLar allowanceFULL YEARChild support from expartnerFULL YEARIncome activity statement instalments paid PAYGIDividend from SoSo Retail Lta franked at tax rateReimbursement of work travel costs Relates to accommodation in MelbourneProceeds from sale of shares in Boulder Ltd Originally purchased in for $Dividend trom Ace Electronics Ltd Fully franked at tax rateProceeds from sale of jewellery Originally purchased in for $Proceeds from sale of shares in Buoyant Ltd Purchased in August refer to paymentsProceeds from sale of boat Gold to yourchased in for Market value $OTHER INFORMATIONOn June In scrapoea ner uninsurea car as it was damaged ana unable to oe used or sola. Ine car nad cost Ini $ In DATEDESCRIPTIONNOTESFULL YEAR Private Hospital Insurance Premiums Reduced premium option takenI FULL YEAR I Chiropractor Feed Necessary to allow Thi to workFULL YEAR Blades for floor trimming No receipts keptAmounts each less than $FULL YEAR Internet account Records indicate work relatedPurchase of shares in Buoyant Ltd Sold in April refer receiptsPurchase of footwear Protective steel caps required for workRegrouting of worn tiling at rental propertyRemoval of tiled shower wallPayment of annual council rates $ for private residence: $ for rental propertyPurchase of computer for work use only Effective life of yearsSpeeding fines incurred while travelling to client'spremisesPAYMENIS DURING OTHER INFORMATIONa Thi was occasionally required to use her own car amounting to kilometres travelled from home to work and travellec between clients Thi did not maintain a logbookb Thi estimates that she incurred $ of parking meter fees while at client premises
Step by Step Solution
There are 3 Steps involved in it
Step: 1
Get Instant Access to Expert-Tailored Solutions
See step-by-step solutions with expert insights and AI powered tools for academic success
Step: 2
Step: 3
Ace Your Homework with AI
Get the answers you need in no time with our AI-driven, step-by-step assistance
Get Started