Question
) Jonathan Smith is an Australian resident and employed by House Pty Ltd as Electrician. The following transactions were all because of Jonathans employment. (
) Jonathan Smith is an Australian resident and employed by House Pty Ltd as Electrician. The following transactions were all because of Jonathans employment. (5 marks, 1 for each answer) 1) Net fortnightly wages totalled $72,000 for 2021.
2) Total PAYG Tax withheld from fortnightly wages from House Pty Ltd and forwarded to the ATO $28,000 in 2021 Financial Year.
3) Rental allowance totalling $10,000. No PAYG was withheld.
4) Superannuation contributed $12,000 to House Super Fund on behalf of Jonathan.
5) Performance bonus of $22,000, of which $6,600 PAYG Tax for 2021 Financial Year was withheld.
For each of the transactions indicate, which amounts are to be included in Jonathans assessable income.
1) Net fortnightly wages totalled $72,000 for 2021.
2) Total PAYG Tax withheld from fortnightly wages from House Pty Ltd and forwarded to the ATO $28,000 in 2021 Financial Year.
3) Rental allowance totalling $10,000. No PAYG was withheld.
4) Superannuation contributed $12,000 to House Super Fund on behalf of Jonathan.
5) Performance bonus of $22,000, of which $6,600 PAYG Tax for 2021 Financial Year was withheld.
For each of the transactions indicate, which amounts are to be included in Jonathans assessable income.
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Income Tax Fundamentals 2013
Authors: Gerald E. Whittenburg, Martha Altus Buller, Steven L Gill
31st Edition
1111972516, 978-1285586618, 1285586611, 978-1285613109, 978-1111972516
