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anyome know? Martin and Sonia are married and have three chicren. They do not have private health cover. Sonia is a housewie and Martin works
anyome know?
Martin and Sonia are married and have three chicren. They do not have private health cover. Sonia is a housewie and Martin works as an engineer in an of and Gas company Martin earns an annual remuneraton of $150,000. Martin has subseribed to professional journals for a cost of 2,500 per annum that help him keep his work skils up to date. Martin has aiso attended industry-related workshops for which he spent $2,000 per annum. For the pournal subseription charges and industry-related werkahops, his emnloyer did not provide any teimbursement. He has $50.000 worth of shares of a large campary, producing a 3.5% annual dividend yeld (fuly franked). Martin alse had an investnient aroperty that he bought two years ago. He sold this property in February 2022 for $530,000. The total cost base of the property was s450,000. Martin has no prior capital losses. The income from hy i westment property for the 2021-22 financial year added to 35,000 . He upent a fotal of 18,000 on council rates, Water rates, and other fees associated with the investment property. He is concemed about saving for retirement and has decided to salary sacrifice tis,000 annually to superannuation, Note: To solve this question, you are required to use the tax rates and thresholds provided in the 'Formulae and additional information' sheot available on the Moodle page. Required: a) Considering all the Med care levies and offsets, how much is the total tax payable atter the salary sacrifice arrangement? (14 marks) b) Discuss with Martin the possible tax minimization strategies withir the legal boundaries. (3 marks) c) Ariefly discuss the changing regime for tax (tinancial) advisers after the Banking Royal Commission. (3 marks) Martin and Sonia are married and have three chicren. They do not have private health cover. Sonia is a housewie and Martin works as an engineer in an of and Gas company Martin earns an annual remuneraton of $150,000. Martin has subseribed to professional journals for a cost of 2,500 per annum that help him keep his work skils up to date. Martin has aiso attended industry-related workshops for which he spent $2,000 per annum. For the pournal subseription charges and industry-related werkahops, his emnloyer did not provide any teimbursement. He has $50.000 worth of shares of a large campary, producing a 3.5% annual dividend yeld (fuly franked). Martin alse had an investnient aroperty that he bought two years ago. He sold this property in February 2022 for $530,000. The total cost base of the property was s450,000. Martin has no prior capital losses. The income from hy i westment property for the 2021-22 financial year added to 35,000 . He upent a fotal of 18,000 on council rates, Water rates, and other fees associated with the investment property. He is concemed about saving for retirement and has decided to salary sacrifice tis,000 annually to superannuation, Note: To solve this question, you are required to use the tax rates and thresholds provided in the 'Formulae and additional information' sheot available on the Moodle page. Required: a) Considering all the Med care levies and offsets, how much is the total tax payable atter the salary sacrifice arrangement? (14 marks) b) Discuss with Martin the possible tax minimization strategies withir the legal boundaries. (3 marks) c) Ariefly discuss the changing regime for tax (tinancial) advisers after the Banking Royal Commission Step by Step Solution
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