From the following you are required to calculate Natasha's: 1) taxable income (if any) for the income year ended 30 June 2021, giving brief reasons to support your calculation (20 marks); and 2) income tax liability or refund for that income year (5 marks). Natasha is an Australian resident, adult individual. She began her career initially working in the manufacturing industry as a management accountant. However, Natasha recognised that the South Australian manufacturing industry was in decline and shifted to the mining industry as an internal auditor. Natasha then chose to shift her attention initially to academia and was tutoring while completing her PhD and then took up a role as a full-time lecturer in Auditing. Natasha has just been promoted to an Associate Professor at the University of Adelaide and specialises in auditing and not-for-profit organisations. 1. During the income year ended 30 June 2021, Natasha received and derived the following amounts: Wages totalling $142,000 from University of Adelaide from which 543,000 Pay As You Go tax instalments were withheld. 2. A lump sum of $8,000 from the Stephen Cole Elder Award Foundation for her "Excellence in Teaching' having nominated successfully for the Stephen Cole Elder Award. No PAYG was withheld from the award. 3. Natasha was sought out by the Community Council of Australia and received consultancy fees of $60,000 during the financial year under a short-term contract (6-month project). Natasha was to examine the impact of recently announced government reform proposals regarding Governance and Reporting for not-for- profit organisations. Natasha worked on the project and also hired an assistant for 3 months during the financial year to fast track the project whose efforts were directly rewarded each fortnight by Natasha for a total cost of $20,000. 4. Natasha celebrated the consultancy project and went out to dinner and then visited the Casino for entertainment. Natasha was fortunate to win $5,000 playing poker that she accredited to her keen sense of numbers. 5. The University of Melbourne asked Natasha to present a paper at their 2021 Not- for-Profit Conference. Natasha attended the conference and incurred expenses of $1,700 for her airfares, overnight accommodation, taxi fares and all meals provided at the Conference. Natasha was presented with a bottle of wine at the conclusion of her presentation. Natasha received an income distribution of $10,000 from the Jacobson Family trust as a beneficiary. 7. Natasha received rent of $15,000 from her rental property, During the income year ended 30 June 2021, Natasha paid and incurred the following 6. outgoings and has kept written evidence for each of them: 1. Annual Membership fees of $600 paid to CPA Australia. 2. Relating to her rental property: a. Repairs of $2,500 were incurred on 1 June 2021 to replace a laminate bench (movable) as the old bench top was chipped and worn. The replacement bench top is made of granite, which is a considerably stronger and more durable surface than the laminate. b. Payment of Council rates of $1,525, Emergency Services Levy of $260, Land tax of $265, SA Water supply and usage charges of $1,225 and House and landlord insurance expense of $670. Natasha incurred $400 total for the internet service at home using a monthly plan paying Internode. The internet was used for her research and private purposes, which Natasha reasonably estimated was on a 50/50 basis. 4. Natasha lived in Parkside and usually walked to the city. However, at times when Natasha was called in for meetings after business hours, she travelled to the city by car. She incurred parking fines totalling $200 because her meetings went over the time allocated. 3. From the following you are required to calculate Natasha's: 1) taxable income (if any) for the income year ended 30 June 2021, giving brief reasons to support your calculation (20 marks); and 2) income tax liability or refund for that income year (5 marks). Natasha is an Australian resident, adult individual. She began her career initially working in the manufacturing industry as a management accountant. However, Natasha recognised that the South Australian manufacturing industry was in decline and shifted to the mining industry as an internal auditor. Natasha then chose to shift her attention initially to academia and was tutoring while completing her PhD and then took up a role as a full-time lecturer in Auditing. Natasha has just been promoted to an Associate Professor at the University of Adelaide and specialises in auditing and not-for-profit organisations. 1. During the income year ended 30 June 2021, Natasha received and derived the following amounts: Wages totalling $142,000 from University of Adelaide from which 543,000 Pay As You Go tax instalments were withheld. 2. A lump sum of $8,000 from the Stephen Cole Elder Award Foundation for her "Excellence in Teaching' having nominated successfully for the Stephen Cole Elder Award. No PAYG was withheld from the award. 3. Natasha was sought out by the Community Council of Australia and received consultancy fees of $60,000 during the financial year under a short-term contract (6-month project). Natasha was to examine the impact of recently announced government reform proposals regarding Governance and Reporting for not-for- profit organisations. Natasha worked on the project and also hired an assistant for 3 months during the financial year to fast track the project whose efforts were directly rewarded each fortnight by Natasha for a total cost of $20,000. 4. Natasha celebrated the consultancy project and went out to dinner and then visited the Casino for entertainment. Natasha was fortunate to win $5,000 playing poker that she accredited to her keen sense of numbers. 5. The University of Melbourne asked Natasha to present a paper at their 2021 Not- for-Profit Conference. Natasha attended the conference and incurred expenses of $1,700 for her airfares, overnight accommodation, taxi fares and all meals provided at the Conference. Natasha was presented with a bottle of wine at the conclusion of her presentation. Natasha received an income distribution of $10,000 from the Jacobson Family trust as a beneficiary. 7. Natasha received rent of $15,000 from her rental property, During the income year ended 30 June 2021, Natasha paid and incurred the following 6. outgoings and has kept written evidence for each of them: 1. Annual Membership fees of $600 paid to CPA Australia. 2. Relating to her rental property: a. Repairs of $2,500 were incurred on 1 June 2021 to replace a laminate bench (movable) as the old bench top was chipped and worn. The replacement bench top is made of granite, which is a considerably stronger and more durable surface than the laminate. b. Payment of Council rates of $1,525, Emergency Services Levy of $260, Land tax of $265, SA Water supply and usage charges of $1,225 and House and landlord insurance expense of $670. Natasha incurred $400 total for the internet service at home using a monthly plan paying Internode. The internet was used for her research and private purposes, which Natasha reasonably estimated was on a 50/50 basis. 4. Natasha lived in Parkside and usually walked to the city. However, at times when Natasha was called in for meetings after business hours, she travelled to the city by car. She incurred parking fines totalling $200 because her meetings went over the time allocated. 3