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Can you fill the last document according to the information given. Thank you You have been asked to prepare the 2020/2021 individual tax return for

image text in transcribedimage text in transcribedimage text in transcribedimage text in transcribedimage text in transcribedCan you fill the last document according to the information given.

Thank you

You have been asked to prepare the 2020/2021 individual tax return for Abby Bachelor. Abby is the sole managing director of the business Bendyboughs Pty Ltd, which operates 20 retail outlets located throughout Australia selling leisure wear. The company's shareholders are Abby and her husband Corey. Abby and Corey both have equal shareholding in the business and the company is considered to be a base rate entity and an SBE. Corey does not work in the company and is employed by another company full time as an electrical engineer. His annual salary for the 2020/2021 financial year was $240,000. The couple have three school aged children Summer, Skye, and Forest. Abby's date of birth is 30 April 1990 and Corey's is 1 April 1990. Abby pays health insurance for the family on a policy was taken out with MBF on 1 October 2020. The premium paid for up until the end of the year totalled $1,575 after a rebate of $130 was claimed. The policy number is MBF862599 and BUPA have notified Abby that the benefit code is 30. Abby completed her university education 6 years ago and has an outstanding HELP debt of $2,000 as at 30 June 2021. Abby's TFN is 888777523 and she lives at 35 Chartwell Street, Southport, Qld, 4215. INCOME RELATED CASE STUDY INFORMATION (required for the Task 1) This information, together with the general case study information, is to be used to complete the first part of the submission for Task 1, where you are required to submit your excel workpaper template with the income sheet completed. Abby is paid a salary by Bendyboughs Pty Ltd. The STP summary for 2020/2021 issued by the company for Abby contains the following details: Bendyboughs Pty Ltd made the following payments during the financial year on behalf of Abby: - Additional superannuation contributions of $6,000 were paid to Abby's superannuation account as a salary sacrifice. That is, her salary package was $94,000 plus SGC plus the additional super of $6,000. - Phone payments amounting to $1,320. The phone is in Abby's name and 50% of the expense relates to Bendyboughs Pty Ltd. Bendyboughs Pty Ltd paid a total fully franked dividend of $40,000 on 1 April 2021. This dividend paid by the company to the two shareholders, and Abby and Corey used it to pay down the mortgage they have on their family home. Abby also has a share portfolio detailed in the table below. During the financial year Abby received the following fully franked (use 30% tax rate) net dividend amounts: $800 on her shares in NAB and $600 on her shares in CBA. Rather than taking the dividends in the form of cash, Abby elected to participate in the dividend reinvestment schemes offered by the companies and acquired an additional 16 shares in NAB, and 9 shares in CBA. Abby also received $400 in dividends from WOW, paid to her as a cash dividend. Abby sold her shares in ADH on 1 October 2020 for $2.58 each and her shares in WOW on 20 June 2021 for $15.50 each. The brokerage fees in relation to the sales were $120 each. This amount is inclusive of GST. Abby did a short course fashion design course at a cost of $1,400. As a result of taking the course, Abby is now designing her own leisure wear for the business and selling these to customers. Abby owns a Toyota Urban Cross motor vehicle. The car was purchased on 1 July 2020 for $38,000. During the financial year Abby travelled 25,000kms. Abby has noted that 80% of her travel is work 3 related, however she has not kept a log book of the kilometres travelled for work purposes. Abby has paid for all of the running costs during the year and these are as follows: RENTAL PROPERTY RELATED CASE STUDY INFORMATION (required for Task 2) Abby owns a unit on the Gold Coast in Southport (9/20 Little Norman Street, Southport, QLD, 4215). She purchased this unit on 10 March 2021 for $760,000. Settlement on the property was on the 7 April 2021. Abby's niece moved into the unit immediately after settlement and as she is going through a bit of a hard time, is only paying $265 a week rent to Abby. The market value of rent in that area is $530 a week. (Hint: You need to research the issues around renting properties to relatives.) The building was constructed in 1990. A quantity surveyor's report provided to Abby during the purchase of the unit showed the construction cost at the time of purchase as $100,000. This report cost Abby $380. Abby purchased new plantation blinds for the windows at a cost of $4,000 and a washing machine for \$629. These items were installed in the unit and ready for use on settlement date. Abby does not elect to use a low value pool for depreciating assets and chooses to use the diminishing value method for depreciation where applicable at a rate of 18.75%. Other costs that were incurred in relation to the property before 30 June 2021 are as follows: \begin{tabular}{ll} \hline Capital gain & From the Income sheet. \\ \hline Deductions & 0 From the Deductions sheet. \\ \hline Rental property profit/loss & 0 From the Rental property sheet. \\ \hline \end{tabular} Taxable income 0 (Hint: The taxable income amount needs to agree with the taxable income on your actual tax return as well.) Basic tax Medicare Levy Medicare Levy Surcharge HECS repayment Rebates Tax withheld Tax offsets (Franking credits) NET TAX PAYABLE (Hint: This amount should agree with your actual tax return.) Spouse income e.g., salary

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