Australian TAxation
QUESTION 3 QUESTION 1 (Continued) PARTC Angelina bought her home in New Farm under a contract dated 5 August 2017 for $700,000. She immediately rented the property out to tenants while she continued to live at home with her parents in the outer suburbs. On 12 March 2019, Angelina asks her tenants to vacate the New Farm rental property so that she can live closer to the city and her work. Angelina moved into the New Farm property on 13 March 2019 and occupied it as her main residence from that date. The market value of the property on that date she moved into it was $860,000, On 13 February 2020, Angelina sold her New Farm property for $1,020,000. Sales commission paid to a real estate agent who co-ordinated the sale of the property totalled $36,000 REQUIRED: Calculate Angelina's net capital gain or loss in respect of the sale of her New Farm residence on 13 February 2020 for inclusion in her tax return. Show all workings. Angelina does not have any capital losses either in the current year or from any prior years, Please note that marks will be deducted if students include extra items in the cost base that should not in fact be included Please quote appropriate sections of the ITAA (1936) or ITAA (1997) in your answer. Number of Days: Note: There are 585 days from 5 August 2017 to 12 March 2019 There are 338 days from 13 March 2019 to 13 February 2020 There are 923 days from 5 August 2017 to 13 February 2020 (4 marks) (Total Marks for Question 1 -17) che Same and Submit to save and submit. Click Save All Answers to save all answers. Save All Art C P. will School fees for the two children Interest paid on NAB loan to buy Boral Ltd shares Annual subscription paid to CPA Australia Entertainment expenses (client lunches) Annual subscription to the Qantas Club for work-related travel 7,120 2,339 770 900 460 REQUIRED: Calculate Glenn's taxable income for the year ended 30 June 2020. Show all workings. Round each figure in assessable income and allowable deductions to the nearest whole dollar Please note that marks will be deducted if students include extra items in either Glenn's assessable income or allowable deductions that should not be included. PLEASE DO NOT CALCULATE GLENN'S TAX PAYABLE. STUDENTS ONLY NEED TO CALCULATE GLENN'S TAXABLE INCOME. (4 marks) Suggested Format Assessable Income: Less Allowable Deductions: 2020 Taxable income TT T Arial 3 (12pt) TEES Che Son and Submit to save and submit. Click Save All Answers to save all answers. Question Com Ume QUESTION 3 QUESTION 1 (Continued) PARTC Angelina bought her home in New Farm under a contract dated 5 August 2017 for $700,000. She immediately rented the property out to tenants while she continued to live at home with her parents in the outer suburbs. On 12 March 2019, Angelina asks her tenants to vacate the New Farm rental property so that she can live closer to the city and her work. Angelina moved into the New Farm property on 13 March 2019 and occupied it as her main residence from that date. The market value of the property on that date she moved into it was $860,000, On 13 February 2020, Angelina sold her New Farm property for $1,020,000. Sales commission paid to a real estate agent who co-ordinated the sale of the property totalled $36,000 REQUIRED: Calculate Angelina's net capital gain or loss in respect of the sale of her New Farm residence on 13 February 2020 for inclusion in her tax return. Show all workings. Angelina does not have any capital losses either in the current year or from any prior years, Please note that marks will be deducted if students include extra items in the cost base that should not in fact be included Please quote appropriate sections of the ITAA (1936) or ITAA (1997) in your answer. Number of Days: Note: There are 585 days from 5 August 2017 to 12 March 2019 There are 338 days from 13 March 2019 to 13 February 2020 There are 923 days from 5 August 2017 to 13 February 2020 (4 marks) (Total Marks for Question 1 -17) che Same and Submit to save and submit. Click Save All Answers to save all answers. Save All Art C P. will School fees for the two children Interest paid on NAB loan to buy Boral Ltd shares Annual subscription paid to CPA Australia Entertainment expenses (client lunches) Annual subscription to the Qantas Club for work-related travel 7,120 2,339 770 900 460 REQUIRED: Calculate Glenn's taxable income for the year ended 30 June 2020. Show all workings. Round each figure in assessable income and allowable deductions to the nearest whole dollar Please note that marks will be deducted if students include extra items in either Glenn's assessable income or allowable deductions that should not be included. PLEASE DO NOT CALCULATE GLENN'S TAX PAYABLE. STUDENTS ONLY NEED TO CALCULATE GLENN'S TAXABLE INCOME. (4 marks) Suggested Format Assessable Income: Less Allowable Deductions: 2020 Taxable income TT T Arial 3 (12pt) TEES Che Son and Submit to save and submit. Click Save All Answers to save all answers. Question Com Ume
