Question
Exercise 1: Explain on Accessing your super in COVID 19 ~ Pandemic condition. Question 1: What were some of earliest taxes levied in Australia? Question
Exercise 1: Explain on Accessing your super in COVID 19 ~ Pandemic condition.
Question 1: What were some of earliest taxes levied in Australia?
Question 2: What are the Key features of the main Commonwealth taxes: income tax, GST and FBT?
Question 3: What is the respective tax base of each of the following taxes: Income tax, GST, FBT, Medicare Levy, Medicare surcharge?
Question 4: Discuss the key features of the main state, territory and local government taxes levied in Australia.
Instruction: Please do research and then explain the following exercises in your own opinion and understanding, also make sure to input references (if any) as well.
- Johnson is a cricketer. He works for west union club and has received an annual salary. He also earns bonus for every match he plays. In 2015/16 income year, he earned salary of $50,000 and bonus of $20,000. He also won an award of $10,000 from a TV show as a best player. Calculate Johnsons assessable income for year 2015/16?
- Mary works as an accountant. Her employer provides her a free accommodation on the condition that she can only live there by herself and cannot sublet it to others. The same accommodation costs around $10,000 a year. Is this assessable income of Mary assume no Fringe benefit tax has been paid by the employer?
- Frank operates a petrol station. He enters into an agreement with Shell and agreeing to sell Shells petrol exclusively for 5 years. During these 5 years he cannot sell petrol from any other petrol suppliers. He is paid for $15,000 for signing this agreement with Shell. Is it assessable income of Frank?
- Ben helps neighbours to clean up their houses. He does this every Saturday. In this income year, he earns $10,000. Does Ben carry on a business?
- Which of the following is assessable income:
- Salary and wages
- Accommodation provided by employer that can be convertible to cash
- Tips
- Dividends
- Royalties
- Money received for giving up rights
- Money received for winning an award
- Refund from a shop for goods purchased and returned
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