taxation law 11
(A) Wayne is a thirty-year-old Australian resident for tax purposes. He is single with no dependants and resides permanently in Newcastle. Wayne's Payment Summary for the year ended 30 June 2021 showed the following details: $ Gross Salary 97,000 Reportable Fringe Benefits 5,100 Reportable Employer Superannuation Contributions 4,600 PAYG Deducted 32,000 In addition, Wayne received a fully franked dividend from an ASX listed (Non-Small Business Taxpayer) Company of $5,000 and had a net rental loss of $5,500. Wayne ha s no private hospital cover during the year and on 30 June 2021 had an accumulated HELP (HECS) debt of $16,750. Wayne had no other income or allowable deductions for the year. Required: Calculate the net tax payable/refundable by Wayne with respect to the year ended 30 June 2021. (7 marks) (B) Nigel Banner has volunteered to work for a charity helping homeless people in Sydney. Nigel will work for the charity without pay for a period of six months. During this period Nigel will live off his personal savings. In appreciation of Nigel's selfless act his long term employer, Banman Pty Ltd, has generously offered to pay him a fortnightly payment equal to one half of his previous wage for the period he is with the charity. Required With reference to case law, advise Nigel whether he will be assessable on the amounts received from Banman Pty Ltd during his absence. (3 Marks) (A) Wayne is a thirty-year-old Australian resident for tax purposes. He is single with no dependants and resides permanently in Newcastle. Wayne's Payment Summary for the year ended 30 June 2021 showed the following details: $ Gross Salary 97,000 Reportable Fringe Benefits 5,100 Reportable Employer Superannuation Contributions 4,600 PAYG Deducted 32,000 In addition, Wayne received a fully franked dividend from an ASX listed (Non-Small Business Taxpayer) Company of $5,000 and had a net rental loss of $5,500. Wayne ha s no private hospital cover during the year and on 30 June 2021 had an accumulated HELP (HECS) debt of $16,750. Wayne had no other income or allowable deductions for the year. Required: Calculate the net tax payable/refundable by Wayne with respect to the year ended 30 June 2021. (7 marks) (B) Nigel Banner has volunteered to work for a charity helping homeless people in Sydney. Nigel will work for the charity without pay for a period of six months. During this period Nigel will live off his personal savings. In appreciation of Nigel's selfless act his long term employer, Banman Pty Ltd, has generously offered to pay him a fortnightly payment equal to one half of his previous wage for the period he is with the charity. Required With reference to case law, advise Nigel whether he will be assessable on the amounts received from Banman Pty Ltd during his absence
