Taxation Lawall based on Australia taxation law

1. InOctober2014,MaryPhillipssoldaninvestmentpropertyalongtheGreatOceanRoadfor$260,000andincurred$1,400inlegalfees.ThecottagewasoriginallyacquiredinMarch1987for$28,000.

CalculatethecapitalgainorlossthatMaryPhillipsmustincludeinherincometaxreturnfortheyearended30June2015. 2. MiaHomesLtdprovidesanemployeewiththeuseofacarfor260daysduringtheFBTyear.Theemployeetookthecarhomeoneachofthesedays.DuringtheentireFBTyear,thecartravelled25,000km.MiaHomesLtdpurchasedthecaron1April2014for$70,000(includingGST).Theemployeecontributed$500towardsthecostofrunningthecarandhasprovidedMiaHomesLtdwithrelevantdocumentation.

Calculate the taxable value of the car fringe benefit using the statutory formula.

Appendix: Tax Rates and Tables 1. Income Tax Payable = (Assessable Income - Deduction) X Rate - Tax Offsets 2. Rates for 2014-15 for resident individuals: Taxable income Tax on this income 0 - $18,200 Nil $18,201 - $37,000 19c for each $1 over $18,200 $37,001 - $80,000 $3,572 plus 32.5c for each $1 over $37,000 $80,001 - $180,000 $17,547 plus 37c for each $1 over $80,000 $180,001 and over $54,547 plus 45c for each $1 over $180,000 3. Rates for 2014-15 for foreign resident individuals: Taxable income Tax on this income 0 - $80,000 32.5c for each $1 $80,001 - $180,000 $26,000 plus 37c for each $1 over $80,000 $180,001 and over $63,000 plus 45c for each $1 over $180,000 4. Medicare levy rate for 2014/15 is 2% 5. Medicare Levy thresholds for individual 2014/15: Note: Individuals with taxable income greater than the \"threshold amount\