Taxation Individual Assign - Word Layout References Mailings Review View Tell me what you want to do V12 VAA A.EE... . , x' ... E= E.E. AaBbCcDc ABCDe AaBb C AaBbce AaB AaBb Cc A 1 Normal 1 No Spac. Heading 1 Heading 2 Subtitle Title Sub Font Paragraph Styles QUESTION 2 (10 MARKS) Tom owns a business called Tom's Band in Westfield Sydney selling musical instruments. Tom also teaches guitar on a casual basis at the Sydney Guitar School a local musical college. The following are Tom's receipts during the 2019-20 financial year: Tom's Band sales include $2,500 from sales of musical instruments made last year. In addition, there is a sale of $3,200 made in April of the current year but not yet paid. 220,000 Salary from the Sydney Guitar School. This includes Long Service Leave of $4,200 which Tom is going to take in July of the following year. 53,000 Tom has withdrawal from bank. This was made up of the original capital deposited of $20,000 plus interest of $1,000 which was paid last year and reinvested. Interest of 5% was paid on the invested money. 22,050 Fully franked dividends include franking credits of $5,143 were attached. 12,000 Unfranked dividend 4,000 Required: Assuming Tom does not have allowable deductions, you are required to calculate Tom's taxable income and net tax payable. search F3 F4 F5 F6 F7 F9 F10 F8 2016 F11 Numik F12 Scrlk A % 5 & 7 8 9 3. 6 8 9 0 Taxation Individual Assign - Word Layout References Mailings Review View Tell me what you want to do V12 VAA A.EE... . , x' ... E= E.E. AaBbCcDc ABCDe AaBb C AaBbce AaB AaBb Cc A 1 Normal 1 No Spac. Heading 1 Heading 2 Subtitle Title Sub Font Paragraph Styles QUESTION 2 (10 MARKS) Tom owns a business called Tom's Band in Westfield Sydney selling musical instruments. Tom also teaches guitar on a casual basis at the Sydney Guitar School a local musical college. The following are Tom's receipts during the 2019-20 financial year: Tom's Band sales include $2,500 from sales of musical instruments made last year. In addition, there is a sale of $3,200 made in April of the current year but not yet paid. 220,000 Salary from the Sydney Guitar School. This includes Long Service Leave of $4,200 which Tom is going to take in July of the following year. 53,000 Tom has withdrawal from bank. This was made up of the original capital deposited of $20,000 plus interest of $1,000 which was paid last year and reinvested. Interest of 5% was paid on the invested money. 22,050 Fully franked dividends include franking credits of $5,143 were attached. 12,000 Unfranked dividend 4,000 Required: Assuming Tom does not have allowable deductions, you are required to calculate Tom's taxable income and net tax payable. search F3 F4 F5 F6 F7 F9 F10 F8 2016 F11 Numik F12 Scrlk A % 5 & 7 8 9 3. 6 8 9 0
