Question 1: During the year ended 30 June 2019, Neil, a resident of Australia, receives a $100,000 dividend franked to 100%. He has also earned bank interest of $44,500 and a salary of $140,000. He has allowable deductions of $22,510 for the year of income. Required: Calculate the net tax payable / refundable (ignore Medicare Levy). Net Tax Payable / Refundable Question 2 Norman, an Australian resident, is a part time student who is a resident of Australia. He earns $27,000 from his part-time position in the Army Reserve. In addition, he earns $8,000 from his part time job as a courier man. He received bank interest of $370. He has allowable deductions of $650. Required: Calculate the Net Tax Payable/Refundable for the year ended 30 June 2020. Ignore the Medicare Levy. Net Tax Payable / Refundable Question 3: During the year ended 30 June 2019 Francis, a resident taxpayer, received salary and wages income of $85,000 and a franked dividend of $4,800 with $1,200 of attached franking credits. Her employer deducted PAYG instalments of $18,250. He has no dependents for tax purposes and no allowable deductions. Required: Calculate the net tax payable / refundable (ignore Medicare Levy). Net Tax Payable / Refundable Question 4: During the year ended 30 June 2019, Mathew, a resident of Australia, receives a $10,000 dividend franked to 100% (Fully Franked). He has also earned bank

interest of $1,500 and has allowable deductions of $510 for the year of income. Required: Calculate the net tax payable / refundable (ignore Medicare Levy). Net Tax Payable / Refundable Question 5 During the year ended 30 June 2018 WIN Pty Limited, a resident Australian private company and not an SBE / BRE, received a franked dividend of $9,800 with $3,200 of attached franking credits. WIN Pty Limited had allowable interest deductions of $5,800 for the year ended 30 June 2018. Required: Calculate XYZ Pty Limiteds net tax payable or refundable for the income tax year ended 30 June 2018.

1. Johnson is a cricketer. He works for west union club and has received an annual salary. He also earns bonus for every match he plays. In 2020/2021 income year, he earned salary of $50,000, Dividend fully franked $12,000 and bonus of $20,000. Required: Calculate Tax payable 2. Frank operates a petrol station. He enters into an agreement with Shell and agreeing to sell Shells petrol exclusively for 5 years. During these 5 years he cannot sell petrol from any other petrol suppliers. He is paid for $15,000 for signing this agreement with Shell. Is it assessable income? 3. Which of the following is assessable income: a. Salary and wages b. Accommodation provided by employer that can be convertible to cash c. Tips d. Dividends e. Royalties f. Money received for giving up rights g. Money received for winning an award h. Refund from a shop for goods purchased and returned

Question 1 Grahame, an Australian resident, is a part time student who is a resident of Australia. He earns $17,000 from his part-time position in the Army Reserve. In addition, he earns $18,000 from his part time job as a pizza delivery man. Pay As You Go (PAYG) of $2,250 was deducted from his salary during the year of income. He has allowable deductions of $550. Required: Calculate the Net Tax Payable/Refundable for the year ended 30 June 2019. Ignore the Medicare Levy. Question 2 Shane, an 18-year-old unmarried Australian basketball player, accepted an 18-month contract to play in the United States of America for AUD$4 million dollars. The contract commenced on 1 January 2015. Shane has a sister in the United States and he decided he would stay with his sister at least for the first year. Shane dealt with his Australian assets in the following manner; he sold his motorcycle, leased his unit in Sydney for 12 months and closed his bank account after transferring the money to the United States. His parents and brother remained in Australia. He was not sure how long he would stay away. He was hoping to get another contract at the expiration of the original one. However, he would not know whether he could do this until his original contract had expired. Nevertheless, he had the ultimate intention of returning to Australia. Unfortunately, he had a car accident in the United States on 30 December 2015. As a result of the accident his shoulder was badly damaged and his basketball career was over. His contract was terminated soon after. He returned to Australia on 4 April 2016. Required: a) Advise Shane whether or not he is an Australian resident for the income tax years ended 30 June 2015 and 2016. b) Advise Shane of the source of the income he derived during the above period. Question 3 Astro Limited is incorporated in Vanuatu (a tax haven in the Pacific Ocean). Its board of directors meets once a year in Vanuatu. All the shares in Astro Limited are held by Bat Limited, a company incorporated in the United States of America. The Chief Executive Officer (CEO) of Astro Limited resides in Sydney and makes most of the major decisions for the company from his office in Sydney as he has a special arrangement with the directors of Astro Limited whereby he can override any decision they make. The shareholders of Bat Limited are not residents of Australia. Astro's only trading activities are carried out in the United States. The CEO is the only presence Astro Limited has in Australia. Bat Limited has no presence in Australia. All the above events relate to the year ended 30 June 2016. Required: Advise Astro Limited on its residency status for Australian income taxation purposes for the year ended 30 June 2016.

QUESTION 1: Henry borrowed $450,000 on 1 April 2019 at an interest rate of 0% from his employer, XYZ Pty Limited. The loan was to be for 10 years. The loan lasted the whole FBT year and was for private purposes. Advise XYZ Pty Limited on the Fringe Benefit Tax implications (showing all necessary calculations) of the above. QUESTION 2 Joey was employed by PWC, a large accounting firm, as a graduate accountant. PWC provided him with the following: $15,000 Entertainment Allowance. Required: Advise PWC of the Fringe Benefits Tax (showing all necessary calculations) on the above for the year ended 31 March 2019. QUESTION 3: 1. Salary of $200,000 per annum. 2. An allowance of $20,000 for entertainment expenses. 3. A prize won by a taxpayer in his first quiz competition. 4. A scholarship of $1,500 per annum received by a full-time university student from a large company. The payments will continue for 4 years which is how long it will take to complete his degree. 5. A car received by a sportsman for fairest player of the season, Required: Are the above receipts and/or benefits assessable income?

1. During the income year, Betty made a capital gain of $20,000 on the sale of her shares in a company and a 4,000 capital gain on the sale of her units in a trust. Assume that neither of these gains are discount capital gains or eligible for eh small business concessions. She also made a capital loss of $5,000 on the sale of her land and she has a net capital loss carried forward from the previous year of $3,000. Required: Calculate the net capital gain for Betty. 2. During the income year, Bill made the following capital gains: a. Capital gain of $10,000 on the sale of his shares in X Co (this is not a discount capital gain) b. Capital gain of $10,000 on the sale of his shares in Y Co (this is a discount capital gain. He is eligible for a 50% discount) He also made a capital loss of $5,000 on the sale of his land and he has a net capital loss from last year of $3,000. Required: Calculate Bills net capital gain 3. Bert recently acquired a gold ring for $400 and an antique chair for 2,000. If he sold the fold ring for $800. What would be the tax implication? If he sold the antique chair for $1,500, what would be the tax implication? 4. In 2008, Barney purchased a holiday home near the beach for use by his family on weekends for $700,000. Barney was required to pay $40,000 stamp duty in respect of the transfer. He borrowed money from a bank to fund some of the purchase price and paid $20,000 in interest on the loan. Last year, he also paid $33,000 to a builder to renovate the kitchen in the property. Required: whats the cost base of the property?