use the template to calculate net tax payable
Marked out 10.00 P Flag questo Question 3 (10 marks) For the 30 June 2020 tax year you provided the following information to your tax accountant: Salary of $90,000 with employer contributed superannuation of $8,550. Allowable deductions relating to your employment totalled $5,000. You have no dependents and on 1 January 2020 you took out private healthcare from FBH Health at a cost of $3,600 per year. During the tax year you sold an investment property for $500,000. The contract was signed on 31 May 2020. It was rented on 1 July 2019 for $1,000 per month and the tenants left the property the day the sales contract was signed. You took the opportunity to have it professionally cleaned before sale. Cleaning costs relating to the lease was $1,000 and the tenant reimbursed you for half of the costs. Details of the property is as follows: Land was purchased on 1 June 2005 for $100,000, Construction of a 3 bedroom house for $200,000 was completed two years after the land purchase. Loan interest expense paid for the property is $8,000 per year. Josh engaged an agent who provided a property expense report showing total expenses of $2,000 this year while the property was leased Agent fees on sale totalled $10,000. On 1 July 2019. you were given $2,000 of free shares by your employer. On 1 January 2020, a $500 dividend was paid on these shares. The dividends were partially franked to 80%. 10 6/14/2000 the tong fo K M N Space to show calulation for gain/loss shares: A B D E F G H 1 If there is an item that is listed but it is not relevant, leave it blank. 2 Income Space to show calculation for gain/loss - property 3 Salary 4 Superannuation 5 Property income 6 Dividend income 7 Capital gain - property 8 Capital gain - shares 9 10 Deductions 11 Employment deductions 12 Superannuation 13 Property deductions 14 Dividend deductions 15 Capital loss - property 16 Capital loss shares 17 18 Taxable income 19 20 Gross tax payable 21 Offset 22 Net tax payable 23 24 Marked out 10.00 P Flag questo Question 3 (10 marks) For the 30 June 2020 tax year you provided the following information to your tax accountant: Salary of $90,000 with employer contributed superannuation of $8,550. Allowable deductions relating to your employment totalled $5,000. You have no dependents and on 1 January 2020 you took out private healthcare from FBH Health at a cost of $3,600 per year. During the tax year you sold an investment property for $500,000. The contract was signed on 31 May 2020. It was rented on 1 July 2019 for $1,000 per month and the tenants left the property the day the sales contract was signed. You took the opportunity to have it professionally cleaned before sale. Cleaning costs relating to the lease was $1,000 and the tenant reimbursed you for half of the costs. Details of the property is as follows: Land was purchased on 1 June 2005 for $100,000, Construction of a 3 bedroom house for $200,000 was completed two years after the land purchase. Loan interest expense paid for the property is $8,000 per year. Josh engaged an agent who provided a property expense report showing total expenses of $2,000 this year while the property was leased Agent fees on sale totalled $10,000. On 1 July 2019. you were given $2,000 of free shares by your employer. On 1 January 2020, a $500 dividend was paid on these shares. The dividends were partially franked to 80%. 10 6/14/2000 the tong fo K M N Space to show calulation for gain/loss shares: A B D E F G H 1 If there is an item that is listed but it is not relevant, leave it blank. 2 Income Space to show calculation for gain/loss - property 3 Salary 4 Superannuation 5 Property income 6 Dividend income 7 Capital gain - property 8 Capital gain - shares 9 10 Deductions 11 Employment deductions 12 Superannuation 13 Property deductions 14 Dividend deductions 15 Capital loss - property 16 Capital loss shares 17 18 Taxable income 19 20 Gross tax payable 21 Offset 22 Net tax payable 23 24
