need answer for question 3 and 4 in detail according to the australian tax standards.
9:17 ..4G D Practice Exam Questions for AC... 7 Question 3 Annie Song is employed as a physicist by Modem Physical Ltd in Canberra. In July 2015 she transferred to Melbourne to take up a position with Practical Lid an Australian Manufacturing firm. During the year ended 30 June 2016 the following events took place: Received a salary from Practical Lid $80,000 . Made a capital gain of $3,000 from the sale of 200 shares in Telstra Ltd, a public listed company on the Australian Stock Exchange. The shares were acquired in January 2007 - Made a capital loss of $1,000 on an antique coin collection. The collection was acquired in March 2006 at a cost of $700. Annie indicated that her taxation return for the year ended 30 June of the previous year shows a net capital loss of $2,000 from the sale of shares Received a uniform allowance of $1,800 -Received a $2,000 bonus from her employer on 3 July 2016 for her excellent performance. - Spent $300 towards protective shields (she kept all necessary records). Required Calculate Annie's taxable income for the year ending 30.06.2016. In your response ensure you state the appropriate legislation, tax rulings or common law cases to support your answer. DO NOT CALCULATE TAX PAYABBLE. (15 Marks Question 4 Blackstore Ltd made three frankable distributions during the 2015/2016 franking period as follows: 01.09.2015 $200,000 which is franked to 60% 01.12.2015 $240,000 which is franked to 50% and 01.03.2016 $280,000 which is franked to 80% Required Advise Blackstore Lid of the tax consequences (if any) for breaching the benchmark franking rule during the 2015 2016 franking period. Ensure you state the specific legislation, cases and tax rulings where appropriate to support your calculations and your answer. 114 Marks Questions The Morris Family Trust is a resident discretionary trust with two adult resident beneficiaries. The beneficiaries are Mary and Bruce and they are both presently entitled to a share of the trust income and are not under any legal disabilities. The activities for the trust for the 2015/2016 tax year were as follows: Infomank deposit 5,000 The inisice cxcrcised his discretion to distribute the income of the 9:17 ..4G D Practice Exam Questions for AC... 7 Question 3 Annie Song is employed as a physicist by Modem Physical Ltd in Canberra. In July 2015 she transferred to Melbourne to take up a position with Practical Lid an Australian Manufacturing firm. During the year ended 30 June 2016 the following events took place: Received a salary from Practical Lid $80,000 . Made a capital gain of $3,000 from the sale of 200 shares in Telstra Ltd, a public listed company on the Australian Stock Exchange. The shares were acquired in January 2007 - Made a capital loss of $1,000 on an antique coin collection. The collection was acquired in March 2006 at a cost of $700. Annie indicated that her taxation return for the year ended 30 June of the previous year shows a net capital loss of $2,000 from the sale of shares Received a uniform allowance of $1,800 -Received a $2,000 bonus from her employer on 3 July 2016 for her excellent performance. - Spent $300 towards protective shields (she kept all necessary records). Required Calculate Annie's taxable income for the year ending 30.06.2016. In your response ensure you state the appropriate legislation, tax rulings or common law cases to support your answer. DO NOT CALCULATE TAX PAYABBLE. (15 Marks Question 4 Blackstore Ltd made three frankable distributions during the 2015/2016 franking period as follows: 01.09.2015 $200,000 which is franked to 60% 01.12.2015 $240,000 which is franked to 50% and 01.03.2016 $280,000 which is franked to 80% Required Advise Blackstore Lid of the tax consequences (if any) for breaching the benchmark franking rule during the 2015 2016 franking period. Ensure you state the specific legislation, cases and tax rulings where appropriate to support your calculations and your answer. 114 Marks Questions The Morris Family Trust is a resident discretionary trust with two adult resident beneficiaries. The beneficiaries are Mary and Bruce and they are both presently entitled to a share of the trust income and are not under any legal disabilities. The activities for the trust for the 2015/2016 tax year were as follows: Infomank deposit 5,000 The inisice cxcrcised his discretion to distribute the income of the
