Consider the information for Jeff a resident individual taxpayer Item Jeff (plumber] 44,000 200 Salary Purchase of cooking knives Purchase of tools related to work activities Everyday clothes for office wear 1200 1200 180 SOO 44,500 Trade journals specific to occupations Purchase of books on computer programming Lottery winnings Accountant bill for preparation of tax return Inheritance of money) from grandmother Costs of TAFE course in plumbing 200 445000 1620 800 Compulsory uniforms for volunteer work Donations to an approved charity Protective clothing worn during plumbing work activities 50 730 2000 University fees - computer course Interest received on savings in bank account 725 20 000 Rent received from investment property you fully own Car expenses to travel from home to different work sites 6250 600 800 Rates paid on family apartment Rates paid on investment property Rent paid on family home apartment Holiday costs PAYG tax paid 15,200 2,000 15220 Dividends received 8000 fully franked Interest paid on loan for rental property 22 sod Item Jeff Tina Lachie Assessable income Allowable deductions Taxable income Required Complete the following table for Jeff and determine which items are assessable and which are deductible with reference to the relevant legislation (20 marks) Item Jeff Assessable? Deductible? (plumber) Salary Purchase of cooking knives Purchase of tools related to work activities Everyday clothes for office wear Everyday clothes for office wear on Trade journals specific to occupations Purchase of books computer Lottery winnings Accountant bill for preparation of tax return Inheritance (of money) from grandmother Costs of TAFE course in plumbing Compulsory uniforms for work LAW 2002 Assessment 4 Brief Page 6 of 16 TORRENS UNIVERSITY AUSTRALIA Donations to an approved charity Protective clothing worn during work University fees - computer course Interest on bank account Rent received from investment property you Car expenses to travel from home to work Rates on family apartment Rates on investment property Rent paid on family home apartment Holiday costs PAYG tax paid PAYG tax paid Dividends received Interest paid on loan for rental property Calculate the balance of Jeff's assessment (5 marks) Assessable income Minus Allowable deductions = Taxable income Tax payable on taxable income Minus non refundable tax offsets = Net tax payable = Plus Medicare Levy 2% Minus refundable tax offsets Total amount of tax payable Minus Tax Credits (PAYG tax paid) = Refund Due or Amount Owing Consider the information for Jeff a resident individual taxpayer Item Jeff (plumber] 44,000 200 Salary Purchase of cooking knives Purchase of tools related to work activities Everyday clothes for office wear 1200 1200 180 SOO 44,500 Trade journals specific to occupations Purchase of books on computer programming Lottery winnings Accountant bill for preparation of tax return Inheritance of money) from grandmother Costs of TAFE course in plumbing 200 445000 1620 800 Compulsory uniforms for volunteer work Donations to an approved charity Protective clothing worn during plumbing work activities 50 730 2000 University fees - computer course Interest received on savings in bank account 725 20 000 Rent received from investment property you fully own Car expenses to travel from home to different work sites 6250 600 800 Rates paid on family apartment Rates paid on investment property Rent paid on family home apartment Holiday costs PAYG tax paid 15,200 2,000 15220 Dividends received 8000 fully franked Interest paid on loan for rental property 22 sod Item Jeff Tina Lachie Assessable income Allowable deductions Taxable income Required Complete the following table for Jeff and determine which items are assessable and which are deductible with reference to the relevant legislation (20 marks) Item Jeff Assessable? Deductible? (plumber) Salary Purchase of cooking knives Purchase of tools related to work activities Everyday clothes for office wear Everyday clothes for office wear on Trade journals specific to occupations Purchase of books computer Lottery winnings Accountant bill for preparation of tax return Inheritance (of money) from grandmother Costs of TAFE course in plumbing Compulsory uniforms for work LAW 2002 Assessment 4 Brief Page 6 of 16 TORRENS UNIVERSITY AUSTRALIA Donations to an approved charity Protective clothing worn during work University fees - computer course Interest on bank account Rent received from investment property you Car expenses to travel from home to work Rates on family apartment Rates on investment property Rent paid on family home apartment Holiday costs PAYG tax paid PAYG tax paid Dividends received Interest paid on loan for rental property Calculate the balance of Jeff's assessment (5 marks) Assessable income Minus Allowable deductions = Taxable income Tax payable on taxable income Minus non refundable tax offsets = Net tax payable = Plus Medicare Levy 2% Minus refundable tax offsets Total amount of tax payable Minus Tax Credits (PAYG tax paid) = Refund Due or Amount Owing