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Question 2 - Assessable Income, deductions, CGT, Tax Liability Annie Song is employed as...

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Accounting

Question 2 - Assessable Income, deductions, CGT, Tax Liability

Annie Song is employed as a physicist by Modern Physical Ltd in Canberra. In July 201W she transferred to Melbourne to take up a position with Practical Ltd an Australian Manufacturing firm. During the year ended 30th June 201X the following events took place:

  • Received a salary from Practical Ltd $80,000.
  • Made a capital gain of $3,000 from the sale of 200 shares in Telstra Ltd, a public listed company on the Australian Stock Exchange. The shares were acquired in January 2007.
  • Made a capital loss of $1,000 on an antique coin collection. The collection was acquired in March 2006 at a cost of $700.
  • Annie indicated that her taxation return for the year ended 30 June of the previous year shows a net capital loss of $2,000 from the sale of shares.
  • Received a uniform allowance of $1,800.
  • Received a $2,000 bonus from her employer on 3rd July 201X for her excellent performance.
  • Spent $300 towards protective shields (she kept all necessary records).

Required

Calculate Annies taxable income and tax liability for the year ending 30.06.201X. In your response ensure you state the appropriate legislation, tax rulings or common law cases to support your answer. [15 Marks]

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