Answered step by step
Verified Expert Solution
Link Copied!

Question

1 Approved Answer

Combination QI: Miss Russell QC (Queen's Council) is a lawyer by day and a university lecturer by night. She receives salary from the law firm

image text in transcribed
Combination QI: Miss Russell QC (Queen's Council) is a lawyer by day and a university lecturer by night. She receives salary from the law firm of $100,000 and salary from the University of $50,000. She is single and has private health insurance from 1 January 2019 to 30 June 2019. During the year Miss Russell had to travel to see clients. She acquired the car on 1 October 2018 for $60,000. The acquisition cost was funded entirely by a loan at an interest rate of 15%. She has determined that the depreciation deduction on the car would be $2,300 for the year. In addition, Miss Russell incurred the following expenses during the year: Registration and insurance $2,000 Repairs and maintenance $1,000 Oil and fuel costs $1,500 For the period 1 October 2018 to 30 June 2019, Miss Russell estimates the car travelled a total of 15,000 km, 12,000 of which were for business purposes. She kept a logbook of all of her travels. Miss Russell also has mobile phone that she uses only for business purposes. The cost of the phone is $300 per month and she pays this herself Miss Russell also received $10,000 dividends on the 28 June 2019. These were partially franked to 80%, Calculate Miss Russell's net tax payable as at 30 June 2019. Combination QI: Miss Russell QC (Queen's Council) is a lawyer by day and a university lecturer by night. She receives salary from the law firm of $100,000 and salary from the University of $50,000. She is single and has private health insurance from 1 January 2019 to 30 June 2019. During the year Miss Russell had to travel to see clients. She acquired the car on 1 October 2018 for $60,000. The acquisition cost was funded entirely by a loan at an interest rate of 15%. She has determined that the depreciation deduction on the car would be $2,300 for the year. In addition, Miss Russell incurred the following expenses during the year: Registration and insurance $2,000 Repairs and maintenance $1,000 Oil and fuel costs $1,500 For the period 1 October 2018 to 30 June 2019, Miss Russell estimates the car travelled a total of 15,000 km, 12,000 of which were for business purposes. She kept a logbook of all of her travels. Miss Russell also has mobile phone that she uses only for business purposes. The cost of the phone is $300 per month and she pays this herself Miss Russell also received $10,000 dividends on the 28 June 2019. These were partially franked to 80%, Calculate Miss Russell's net tax payable as at 30 June 2019

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

Managerial Accounting

Authors: Brenda Mallouk

2nd Edition

017640709X, 978-0176407094

More Books

Students also viewed these Accounting questions