Question
Q1 (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
Q1 (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 2018 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: |
|
Agents Commission | 920 |
Council Rates | 1,490 |
Landlord Insurance | 290 |
Other Information:
- Karls 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 (collectable) | 6,000 | 03 Mar 98 | 26 Feb 18 | 5,200 |
Crummy shares | 4,000 | 21 Aug 08 | 03 May 18 | 2,500 |
required :Prepare a statement calculating Karls tax payable/refundable.
(Tax losses, partner in partnership)
The following data relates to Stephanie Garner, a resident taxpayer. Stephanie derives income from a public relations business and is also a partner in a marketing business.
| 2015/16 | 2016/17 | 2017/18 |
Assessable business income | $ 93,400 | $ 126,000 | $ 133,400 |
General business deductions | 80,000 | 129,000 | 119,200 |
Share of Partnership Net Income (Loss) | (21,800) | 14,900 | (5,600) |
Superannuation and Gifts | 4,000 | 11,000 | 8,000 |
Net exempt income | 1,500 | 3,000 | 2,000 |
General business deductions are separate from personal superannuation, gifts, partnership losses and losses of previous years.
Please assume that the necessary tests have been satisfied such that any partnership losses from Stephanie's share in the marketing business may be deducted from other income as appropriate.
Required: For 2016/2017 and 2017/2018 , determine Stephanies Taxable Income and any losses that may be carried forward
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