Calculate Elizabeth and Kane's total tax liability (including Medicare). Their financial situation is as follows: Elizabeth's salary is $170,000 p.a. In addition to this, her employer pays the superannuation guarantee contribution on her behalf. Kane carns $90,000 salary as well as a taxable allowance of 530,000. His employer pays superannuation guarantee on his salary (but not the taxable allowance). Kane salary sacrifices an additional $12,000 to superannuation. Kane and Elizabeth both earn rent from a jointly owned investment property of S20,000 p.A. (combined) and have an interest only loan of $150,000 (combined) on this property at an interest rate of 5% p.. Elizabeth owns an Australian share portfolio valued at $50,000, paying 4% dividends, which is 70% franked Kane owns a cash management account valued at $50,000 paying 5% interest. Kane has income protection insurance owned personally (non-superannuation) with an annual premium of $3,000 owned and paid by him personally. Kane has a gross, nominal capital gain of $7,000 from the sale of shares owned for 2 years (this is before any CGT discount). Elizabeth donated $2,000 to a charity, which is a tax-deductible gift. Elizabeth and Kane|have private hospital insurance cover in place. Calculate the tax payable for each of Elizabeth and Kane. Your response should include calculations to show: Assessable income Deductions Taxable income Income tax payable Medicare levy Tax offsets Final income tax payable Round all figures to the nearest whole dollar. Use the following table as a guide. You may need to add rows to complete your answer. Show your workings. Full marks will not be awarded if workings are not provided. + Kane - Type answers in this column Elizabeth Type answers in this column Income S Salary Allowance Other income Dividends Imputation credits Capital gain Less Exempt Income Assessable Income Less: Deductions Work related expenses Disallowed deductions Taxable income Income tax payable Less Tax Offsets Imputation credit Income Tax Payable Plus: Medicare Levy Plus: Medicare Levy Surcharge Total Income Tax Payable Calculate Elizabeth and Kane's total tax liability (including Medicare). Their financial situation is as follows: Elizabeth's salary is $170,000 p.a. In addition to this, her employer pays the superannuation guarantee contribution on her behalf. Kane carns $90,000 salary as well as a taxable allowance of 530,000. His employer pays superannuation guarantee on his salary (but not the taxable allowance). Kane salary sacrifices an additional $12,000 to superannuation. Kane and Elizabeth both earn rent from a jointly owned investment property of S20,000 p.A. (combined) and have an interest only loan of $150,000 (combined) on this property at an interest rate of 5% p.. Elizabeth owns an Australian share portfolio valued at $50,000, paying 4% dividends, which is 70% franked Kane owns a cash management account valued at $50,000 paying 5% interest. Kane has income protection insurance owned personally (non-superannuation) with an annual premium of $3,000 owned and paid by him personally. Kane has a gross, nominal capital gain of $7,000 from the sale of shares owned for 2 years (this is before any CGT discount). Elizabeth donated $2,000 to a charity, which is a tax-deductible gift. Elizabeth and Kane|have private hospital insurance cover in place. Calculate the tax payable for each of Elizabeth and Kane. Your response should include calculations to show: Assessable income Deductions Taxable income Income tax payable Medicare levy Tax offsets Final income tax payable Round all figures to the nearest whole dollar. Use the following table as a guide. You may need to add rows to complete your answer. Show your workings. Full marks will not be awarded if workings are not provided. + Kane - Type answers in this column Elizabeth Type answers in this column Income S Salary Allowance Other income Dividends Imputation credits Capital gain Less Exempt Income Assessable Income Less: Deductions Work related expenses Disallowed deductions Taxable income Income tax payable Less Tax Offsets Imputation credit Income Tax Payable Plus: Medicare Levy Plus: Medicare Levy Surcharge Total Income Tax Payable
