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You have been approached by an existing client, Joseph Crossing, to assist with their 2021-22 income tax return. You are qualified to assist and at
You have been approached by an existing client, Joseph Crossing, to assist with their 2021-22 income tax return. You are qualified to assist and at the Joseph held private hospital cover for the full year. Dividends received from a company paying 30% tax rate. Use the 2021-22 income tax rates and show all workings to calculate Joseph's: A. Taxable Income. (4 marks) B. Net tax payable, including any relevant offsets and Medicare Levy. (6 marks) C. Joseph would like to increase his salary package with his employer. He wants to salary package a further $2,000 into superannuation and $2,000 for a private fishing holiday. Outline the FBT impact of each of these items including advantages and disadvantages. (4 marks) You have been approached by an existing client, Joseph Crossing, to assist with their 2021-22 income tax return. You are qualified to assist and at the Joseph held private hospital cover for the full year. Dividends received from a company paying 30% tax rate. Use the 2021-22 income tax rates and show all workings to calculate Joseph's: A. Taxable Income. (4 marks) B. Net tax payable, including any relevant offsets and Medicare Levy. (6 marks) C. Joseph would like to increase his salary package with his employer. He wants to salary package a further $2,000 into superannuation and $2,000 for a private fishing holiday. Outline the FBT impact of each of these items including advantages and disadvantages. (4 marks)
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