Assignment Task:
Task:
The individual assignment will assess students on the following learning outcomes:
1. Demonstrate an understanding of the Australian income tax system, the concept of FBT, Ordinary Income, deductions, general anti-avoidance provisions and income tax administration. (ULO 1).
2. Identify and critically analyse taxation issues. (ULO 2).
3. Interpret the relevant taxation legislations and case law. (ULO 3).
4. Apply taxation principles to real life problems. (ULO 4).
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Calculate Total Assessable Income, Taxable Income, Tax Liability, Student loan (HECS), Medicare Levy, and Medicare Levy Surcharge if applicable, for the taxpayer (Susanne) with the information below:
• Susanne is a single and an Australian resident plans to lodge a tax return for the tax year 2020 – 2021.
• Her total taxable income is $90,000 (Including tax withheld).
• She does not have private health insurance.
• Susanne has a student loan HECS outstanding for her previous study at Sydney University of $53,000.
• Her employer pays superannuation guarantee charge of 9.5% on top of her salary to her nominated fund.
• Susanne earned a passive income of $10,000 from the investments in shares in the same tax year.
Hint: The following website can be used to cross-check your answer, but you need to provide the detailed calculations, rates and explanations with the screenshots of rates from the ATO website.
Question – 2
Part-A
What is ‘fringe benefit tax’ (FBT)? Explain at least five main salient features of the FBT?
Part -B
Calculate the taxable value of the fringe benefit using the statutory formula in the following case context: Carron provides his employee (Rabbie) with the use of a Nissan Xtrail car 196 days during the FBT year. During the period, the car travelled 15,000 km. Carron purchased the car last year for $45,000. Rabbie contributed $1,500 towards the cost of running the car and has provided Carron with relevant documentation.
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