Logo
Home Study Material Contact Search
AI Chat FREE
  1. business
  2. accounting
  3. question 1 total 15 marks collin is a single resid

Question 1 Total 15 marks Collin is a single resident taxpayer in Australia who is...

50.1K

Verified Solution

Question

Accounting

image
Question 1 Total 15 marks Collin is a single resident taxpayer in Australia who is 52 years old with no private health insurance. He earned $180,000 in the 2019-20 financial year from which his employer has withheld $50,000 in PAYG tax. He paid $1,250 to a registered tax agent for the preparation of his income tax return, and he donated $5,000 to his sister's start up sports club. He is also a beneficiary from the Collins family trust. For the 2019-20 tax year he is presently entitled to a $25,000 net trust income which came from the trust's interest income. He also has a carried forward capital loss of $20,000 the 2018-2019 tax year (the capital loss is not from disposal of collectables). For the 2019-20 tax year, the only CGT event for Collin is the sale of an oil panting for $100,000. He received the artwork in June 2010 from his uncle as a birthday gift. At that time the market value of the painting was $60,000. Required: Calculate Collin's taxable income and tax payable/refundable for 2019-2020 tax year. 7 A B

Answer & Explanation Solved by verified expert
Get Answers to Unlimited Questions

Join us to gain access to millions of questions and expert answers. Enjoy exclusive benefits tailored just for you!

Membership Benefits:
  • Unlimited Question Access with detailed Answers
  • Zin AI - 3 Million Words
  • 10 Dall-E 3 Images
  • 20 Plot Generations
  • Conversation with Dialogue Memory
  • No Ads, Ever!
  • Access to Our Best AI Platform: Flex AI - Your personal assistant for all your inquiries!
Become a Member

Other questions asked by students