Your client, Jill White owns a restaurant in Brisbane. She operates as a sole trader. The business is known as The Spaghetti Bar and Jill has an ABN and is also registered for GST. The following figures are as at the end of the financial year, 30 June 2023 and do not include GST. (Do not make any adjustments for GST) Receipts 765,000 Sale of food and drinks in the restaurant 37,392 Sale of trademarked spaghetti products sold overseas. 25,000 Royalty payment for use of trademark spaghetti products. 7,000 Interest on Bank deposits. 12,000 Exempt income from the Commonwealth Government Trade show 2,500 Private Health fund refunds 150,000 Inheritance from her grandmother 34,500 Rent from investment property Payments 28,000 Rent on her restaurant in Brisbane 1,500 Body Corporate fees on income producing property. 165,000 Part-time employee salaries 24,000 Superannuation contribution for employees 25,000 Interest on borrowing to purchase the income producing property 7,560 Insurance, body corporate fees and land tax for the investment property 2,100 Fees paid to a registered Tax Agent 30,000 New cooking equipment with an estimated life of 10 years 8,000 Travel to and from work to home 2,789 Rates on her principal residence 2,436 Doctors fees for Jill and her family 3,265 Cooking course fees for Jills employee 17,521 Superannuation contribution for Jill (a) Jill White is accounting for her taxation liability as a Small Business Entity (SBE) (b) On 1 July 2022 the opening depreciation pool balance for the SBE pool was $76,000. During the year Jill purchased 1 new depreciating assets used 100% for business purposes in the restaurant kitchen. This is recorded in the payments information listed above. The depreciation deduction has not been included in the above figures. (c) Jill has a carry forward tax loss from an earlier income year of $45,000. This was due to the impact of COVID 19 on her business. (d) Jill and her family are members of a private health fund and have private hospital insurance. (e) Jill has paid $14,356 in PAYG Instalments during the financial year ending 30 June 2023. (f) The investment apartment was purchased new on 1 July 2022 for a total cost of $650,000 and is part of a hotel complex in Brisbane. The real estate agent advised Jill that the construction cost of the apartment was $365,000 and this was confirmed by the builder. REQUIRED Calculate Jills personal tax liability for the year ended 30 June 2023. You should explain your treatment of each item in this question. Figures must be rounded to the nearest dollar and do not include cents in your calculations. Your answer should be in the correct format of Assessable Income less Allowable Deductions. This gives you Taxable Income and you multiply this by the different marginal tax rates plus Medicare levy. This gives you tax payable less any tax offsets. The terms Payments and Receipts are not part of the Tax Formula and are not appropriate for taxation accounting. Your client, Jill White owns a restaurant in Brisbane. She operates as a sole trader. The business is known as The Spaghetti Bar and Jill has an ABN and is also registered for GST. The following figures are as at the end of the financial year, 30 June 2023 and do not include GST. (Do not make any adjustments for GST) Receipts 765,000 Sale of food and drinks in the restaurant 37,392 Sale of trademarked spaghetti products sold overseas. 25,000 Royalty payment for use of trademark spaghetti products. 7,000 Interest on Bank deposits. 12,000 Exempt income from the Commonwealth Government Trade show 2,500 Private Health fund refunds 150,000 Inheritance from her grandmother 34,500 Rent from investment property Payments 28,000 Rent on her restaurant in Brisbane 1,500 Body Corporate fees on income producing property. 165,000 Part-time employee salaries 24,000 Superannuation contribution for employees 25,000 Interest on borrowing to purchase the income producing property 7,560 Insurance, body corporate fees and land tax for the investment property 2,100 Fees paid to a registered Tax Agent 30,000 New cooking equipment with an estimated life of 10 years 8,000 Travel to and from work to home 2,789 Rates on her principal residence 2,436 Doctors fees for Jill and her family 3,265 Cooking course fees for Jills employee 17,521 Superannuation contribution for Jill (a) Jill White is accounting for her taxation liability as a Small Business Entity (SBE) (b) On 1 July 2022 the opening depreciation pool balance for the SBE pool was $76,000. During the year Jill purchased 1 new depreciating assets used 100% for business purposes in the restaurant kitchen. This is recorded in the payments information listed above. The depreciation deduction has not been included in the above figures. (c) Jill has a carry forward tax loss from an earlier income year of $45,000. This was due to the impact of COVID 19 on her business. (d) Jill and her family are members of a private health fund and have private hospital insurance. (e) Jill has paid $14,356 in PAYG Instalments during the financial year ending 30 June 2023. (f) The investment apartment was purchased new on 1 July 2022 for a total cost of $650,000 and is part of a hotel complex in Brisbane. The real estate agent advised Jill that the construction cost of the apartment was $365,000 and this was confirmed by the builder. REQUIRED Calculate Jills personal tax liability for the year ended 30 June 2023. You should explain your treatment of each item in this question. Figures must be rounded to the nearest dollar and do not include cents in your calculations. Your answer should be in the correct format of Assessable Income less Allowable Deductions. This gives you Taxable Income and you multiply this by the different marginal tax rates plus Medicare levy. This gives you tax payable less any tax offsets. The terms Payments and Receipts are not part of the Tax Formula and are not appropriate for taxation accounting.