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9:09 1 il 4G (10 MARKS 4 of 6 usiness called Tom's Band in Westfield Sydney selling musical instruments Tomas beaches guitaron a casual basis at the Sydney Guitar School local musical college. The following are Tom's receipts during the 2019-20 financial year 220.000 53.000 Particulars Tom's Band sales include $2.500 from sales of musical instruments made last year. In addition, there is a sale of $3,200 made in April of the current year but Salary from the Sydney Guter School. This includes Long Service Level which Tom is going to take in Aly of the following year nhas withdrawal from bank. This was made up of the original capital deposited of $20,000 plus interest of $1,000 which was paid last year and Invested. Interest of S% was paid on the invested money Fully franked dividends includes franking credits of $5.14) were attached Unfarked dividend L200 Tom 22.050 Required: Assuming Tom does not have aliowable deductions, you are required to calculate Tom's table income and not tax payable Assignment Structure should be as the following students' responses involves calculation and students must refer to the relevant legislation and cases whenever required according to the questions) For question 1, address the following elements: Identification of material facts regarding Francis's deductibly of the commercial en expenditures in the given scenaris, and the critical discussion of tax consequences relevant to the assignment question HA3842 To Live 10 Identification and analysis of legal issues / legal question and relevant taxation law in regards to Francis's deductibility of the commercial kitchen expenditures ( 9 ITAA 1906 and ITA 1997) Thorough yel succinct application of tax law eg ITA 1906 and ITAA 1997) to material acts in Francis's deductibility of the commercial kitchen scenario Correct information and taxation law regarding the deductibility rules have been used and properly ched. A detailed analysis has been performed Detailed and accurate conclusions regarding Francia's deductibility of the commercial lichen expenditures are reached from the discussions For question 2, address the following parts: Calculation of Tom's become Calculation of Tom's taxable income Calculation of Toms tax on become Calculation of Tom's net tax payable We 2 Marts 5 Marts Marking criteria Marking criteria For Question 1, students need to answer the following elements correctly Identification of material facts regarding Francs seductibility of the commercia Kitchen expenditures in the given scenario, and the critical discussion of tax consequences relevant to the assignment question Identification and analysis of legal issues / legal question and relevant taxation law in regards to Francis's deductibility of the commercial Kitchen expenditures (eg ITAA 1935 and ITAA 1997) Thorough yet succinct application of tax inweg. ITAA 1936 and ITA 1997) to material facts in Francis's deductibility of the commercial kitchen scenario Correct information and taxation law regarding the deductibility rules have been used and properly cited. A detailed analysis has been performed. Detailed and accurate conclusions regarding Francs deductibility of the commercial Kitchen expenditures are reached from the discussions Question 1 Weight For Question 2. students need to answer the following elements correctly Calculation of Tom's busine 3 Marts 25 Marts 27 15 MARKS 15 MARKS Question 1 Weight For Question 2, students need to answer the following elements correctly: Calculation of Tom's business income Calculation of Tom's taxable income Calculation of Tom's tax on taxable income Calculation of Tom's net tax payable Question 2 Weight TOTLA WEIGHT: 2 Marks 3 Marks 3 Marks 2 Marks 10 MARKS 25 MARKS 9:09 1 il 4G (10 MARKS 4 of 6 usiness called Tom's Band in Westfield Sydney selling musical instruments Tomas beaches guitaron a casual basis at the Sydney Guitar School local musical college. The following are Tom's receipts during the 2019-20 financial year 220.000 53.000 Particulars Tom's Band sales include $2.500 from sales of musical instruments made last year. In addition, there is a sale of $3,200 made in April of the current year but Salary from the Sydney Guter School. This includes Long Service Level which Tom is going to take in Aly of the following year nhas withdrawal from bank. This was made up of the original capital deposited of $20,000 plus interest of $1,000 which was paid last year and Invested. Interest of S% was paid on the invested money Fully franked dividends includes franking credits of $5.14) were attached Unfarked dividend L200 Tom 22.050 Required: Assuming Tom does not have aliowable deductions, you are required to calculate Tom's table income and not tax payable Assignment Structure should be as the following students' responses involves calculation and students must refer to the relevant legislation and cases whenever required according to the questions) For question 1, address the following elements: Identification of material facts regarding Francis's deductibly of the commercial en expenditures in the given scenaris, and the critical discussion of tax consequences relevant to the assignment question HA3842 To Live 10 Identification and analysis of legal issues / legal question and relevant taxation law in regards to Francis's deductibility of the commercial kitchen expenditures ( 9 ITAA 1906 and ITA 1997) Thorough yel succinct application of tax law eg ITA 1906 and ITAA 1997) to material acts in Francis's deductibility of the commercial kitchen scenario Correct information and taxation law regarding the deductibility rules have been used and properly ched. A detailed analysis has been performed Detailed and accurate conclusions regarding Francia's deductibility of the commercial lichen expenditures are reached from the discussions For question 2, address the following parts: Calculation of Tom's become Calculation of Tom's taxable income Calculation of Toms tax on become Calculation of Tom's net tax payable We 2 Marts 5 Marts Marking criteria Marking criteria For Question 1, students need to answer the following elements correctly Identification of material facts regarding Francs seductibility of the commercia Kitchen expenditures in the given scenario, and the critical discussion of tax consequences relevant to the assignment question Identification and analysis of legal issues / legal question and relevant taxation law in regards to Francis's deductibility of the commercial Kitchen expenditures (eg ITAA 1935 and ITAA 1997) Thorough yet succinct application of tax inweg. ITAA 1936 and ITA 1997) to material facts in Francis's deductibility of the commercial kitchen scenario Correct information and taxation law regarding the deductibility rules have been used and properly cited. A detailed analysis has been performed. Detailed and accurate conclusions regarding Francs deductibility of the commercial Kitchen expenditures are reached from the discussions Question 1 Weight For Question 2. students need to answer the following elements correctly Calculation of Tom's busine 3 Marts 25 Marts 27 15 MARKS 15 MARKS Question 1 Weight For Question 2, students need to answer the following elements correctly: Calculation of Tom's business income Calculation of Tom's taxable income Calculation of Tom's tax on taxable income Calculation of Tom's net tax payable Question 2 Weight TOTLA WEIGHT: 2 Marks 3 Marks 3 Marks 2 Marks 10 MARKS 25 MARKS

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