Hi i'm looking for the solutions for MONASH FNSACC502 (Assessment Tool 13) prepare tax documentation for individuals.

Please note: Australian taxation system

Assessment Tool 13

QUESTION 1

(Investor, capital gains)

Karl Kruger is a 38 year-old single Australian resident taxpayer. During the 2017/18 tax year, Karl received and retained the following records:

Account Summary received from XYZ Bank

 

Interest from Term Deposits                      $ 17,200

Interest from Savings Account                                   350

Bank Charges relating to Term Deposits                     40

Interest charged on line of credit (used for personal expenses)                      715

4 February 2016 Dividend Statement from Eccy Ltd

Franked Dividend                                                        2,100

Franking Credits                                                                                              900

Rental Summary from Hawkeye Real Estate

Gross Rent Received                                                                        15,200

Rental expenses:

Agent's Commission                                                                                       920

Council Rates                                                                         1,490

Landlord Insurance                                                                                        290

 

Other Information:

·        Karl's rental property was built in 1999 when total construction costs of $200,000 were incurred. Karl has owned and leased the property since 2009.

·        Karl made mortgage repayments on his rental property of $20,000, of which $12,100 was principal.

·        Karl also sold the following assets during the year:

ASSET PURCHASE COST ACQUISITION DATE DISPOSAL DATE SALE PRICE

Quality shares $12,000 12 Apr 12 10 May 18 $18,600

Oil Painting 6,000 03 Mar 98 26 Feb 18 5,200

Crummy shares 4,000 21 Aug 08 03 May 18 2,500

 

Required:

a.      Calculate Karl's net capital gain/loss for the 2017/18 tax year.

b.     Calculate Karl's taxable income for the 2017/18 tax year.

c. Prepare a statement calculating Karl's tax payable/refundable