Answered step by step
Verified Expert Solution
Link Copied!

Question

1 Approved Answer

(AUSTRALIAN TAX) Using the information provided for 2019-2020 financial yearfor an individual taxpayer, complete the relevant income tax return form for the current year of

(AUSTRALIAN TAX)

Using the information provided for 2019-2020 financial yearfor an individual taxpayer, complete the relevant income tax return form for the current year of income. Please use the tax return ATO tax return form for individuals provided.

Client information
Name Michael Bennett
Tax file number 345 654 234
Date of birth 24/5/1973
Postal address 14 Homely Gardens, Hamersley WA 6022
Home address As above
Occupation Fitter Machinist
Daytime phone number (08) 9723 4000
Spouse Jenny Bennett
Spouse's date of birth 1/8/1972
Spouse's income $36 150 (includes 50% portion of bank interest)
Payment summary details
Employer Rio Grande
Employer's ABN 15 276 831 798
Gross wage $55 000
Allowances Uniform $295
PAYG tax withheld $10 350
Period of employment 1/7/09-30/6/10

Other income:

- Bank interest: $300 at NAB Hamersley Branch, joint account with his spouse Jenny Bennett

- Shares sold during the year: BHP shares at a profit of $2000; Michael elected to apply the 50% discount to his capital gain

- Distribution from a property investment trust: $670

- Dividends from Westpac shares held: dividend $200, franking credit $54

Expenditure:

- Union subscription: AWU $230

- Laundry expenses $150

- Donations: Red Cross $20, Mission Australia $40

Other information:

- John and Jenny have one child.

- John incurred $5000 net medical expenses on behalf of himself and his family. The threshold for 2009-10 is $1500.

Step by Step Solution

There are 3 Steps involved in it

Step: 1

blur-text-image

Get Instant Access to Expert-Tailored Solutions

See step-by-step solutions with expert insights and AI powered tools for academic success

Step: 2

blur-text-image

Step: 3

blur-text-image

Ace Your Homework with AI

Get the answers you need in no time with our AI-driven, step-by-step assistance

Get Started

Recommended Textbook for

Financial Accounting Plus

Authors: Robert Libby, Patricia Libby, Daniel Short

7th Edition

0077480015, 9780077480011

More Books

Students also viewed these Accounting questions