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Question 8a For each of the following taxpayers, calculate the 2024 provisional tax and...

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Accounting

Question 8a

For each of the following taxpayers, calculate the 2024 provisional tax and state the due dates and amount of each instalment.

i. Hollys 2023 income tax return was filed on 14 September 2023 by her tax agent. The return showed that her 2023 residual income tax was $7,360. Her 2022 residual income tax was $4,875. She has a standard balance date and uses the standard (uplift) method.

ii. Simon runs his own catering business in Timaru. His accounts and tax returns are prepared by his accountant. He has a standard balance date and uses the standard (uplift) method. Simons income tax return for the year ended 31 March 2023, which showed residual income tax of $18,960, was filed by his accountant on 18 October 2023. His residual income tax for 2022 was $15,480.

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