Calculate the net income tax payable for an Australian resident individual who does

not have any private health insurance but who has taxable income for the 2016/17

income year of:

(a) $8,200

(b) $146,320

(c) $288,764

question 2:

(a) Private Health Pty Ltd derives $400,000 net trading income from Australian

sources during the current tax year. The company also earns the following:

$56,000 - Franked dividend from public companies with an imputation credit

of $24,000.

$50,000 - Unfranked dividend from resident private companies.

$20,000 - Interest income.

Assume Private Health Pty Ltd is a small business entity.

Calculate the net tax payable of Private Health Pty Ltd Ltd for the year ending

30 June 2017.

(b) Discuss the circumstances under which a tax benefit will arise under Part IVA

Income Tax Assessment Act 1936 (Cth).

question 3:

Jinping is an employee of Private Health Pty Ltd, a national health specialist.

On 1 April 2016, Jingping takes out a housing loan with his employer for

$400,000 at an interest rate of 1.75% pa. This was a very good rate as he had

made enquiries and the rate available at his bank was 4.25%. The statutory

rate for the 2016-17 FBT year is 5.65%.

Calculate the FBT payable by Private Health Pty Ltd in relation to the loan

fringe benefit.

(b) Discuss who is required to pay the GST and who is entitled to input tax credits.

question 4 :

Calculate the net income tax payable for an Australian resident individual who does

not have any private health insurance but who has taxable income for the 2015/16

income year of:

(a) $17,000

(b) $120,000

(c) $250,000

question 5:

Money Bags Ltd derives $200,000 net trading income from Australian sources

during the current tax year. The company also earns the following:

$63,000 - Franked dividend from public companies with an imputation credit

of $27,000.

$60,000 - Unfranked dividend from resident private companies.

$30,000 - Interest income.

Required:

Calculate the net tax payable of Money Bags Ltd for the year ended 30 June

2016. Assume Money Bags Ltd is not a small business entity.

(b) Briefly discuss the key elements of Part IVA Income Tax Assessment Act 1936.

question 6:

Fred is an employee of Big Bank Pty Ltd, a national banking specialist. On 1

April 2015, Fred takes out a housing loan with his employer for $300,000 at an

interest rate of 2% pa. This was a very good rate as he had made enquiries and

the rate available at his bank was 6%. The statutory rate for the 2015-16 FBT

year is 5.65%.

Required:

Calculate the FBT payable by Big Bank Pty Ltd in relation to the loan fringe

benefit.