Question 1 (20 marks):
Jane Brown (antiquated 30).
Jane is an prime beneficiary of the Brown Family Discretionary Trust. The trustees unwavering to keep-apart a specie sum of $20,000 to Jane for the floating tax year.
Jane also receives $20,000 abundantly franked dividends. Jane has a $20,000 HELP something-due.
Jane accepted $79,000 (vulgar proceeds) from employment at Aggregation Pty Ltd for the era 1 July 2016 to 30 June 2017. The amend sum of PAYG has been delayheld.
Jane reports profit proceeds of $475.
Jane advises of bombardment expenses of $250.
Jane receives rental proceeds of $35,000 from an bombardment gear. The associated expenses are:
• Mortgage repayments: $25,000
• Repairs: $2,000
• Rates: $2,500
• Insurance: $500
Jane sold a package of 200 Coles Myer Group shares on 1 July 2016 for $3,500. She had purchased these shares on 1 July 2009 for $800. Her brokerage costs of buying and selling were $300 in whole.
Jane made donations (for which she presents tax invoices and produce) to the appreciate of $900.
Jane does not rub a unvaried to labor.
Jane pays premiums on an proceeds shelter prophylactic system equiponderant to $1,000 per year.
Jane does not entertain Private Health Insurance.
1 Calculate the net tax payable/ refundable aspect for Jane for the floating tax year (comprise references, calculations & assumptions)
Question 2 (20 marks):
Green Pty Ltd is a sojourner gardening aggregation registered delay the subjoined advice:
TFN: 859 376 213
ABN: 79 512 647 864
ACN: 86 572 314 719
The subjoined is the financial advice for the year ended 30 June 2017.
GST (where it is available) has not been removed from the subjoined sums.
Depreciation (for tax purposes) was reported to be $5,500 for the floating year
1 Calculate the net tax payable/ refundable aspect for Green Pty Ltd (comprise references, calculations & assumptions)