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ACC00132 Taxation

Published : 27-Sep,2021  |  Views : 10


Explain the tax implications of the sale of the Telstra shares. Calculate the assessable gain, if any, preparing all appropriate work papers. Explain the assessability and deductibility of all the other items listed in the information and then calculate Stefan’s taxable income for the year ended 30 June 2017, preparing all relevant work papers.

Calculate the tax payable/ (refundable) for Stefan for the year ended 30 June 2017,including all additional levies and tax offsets that could potentially apply to him.Prepare relevant work papers. Using the HandiTax software (which you will download from the link on Blackboard),prepare the income tax return for Stefan for the year ended 30 June 2017.


Computation of Taxable Income of Stefan
For the year ended 2017
Particulars  Amount ($)
Gross Salary 51188.2
Fully Franked (Net) 264.74
Franking Credits  113.46
Proceeds 12740
Cost Base 9120
Gross Capital Gain (Proceeds less Cost Base) 3620
50% CGT Discount 1810
Total Assessable Income 51188.2
Self-Eductaion Expenses 2775
Deducions on Work and Shoes 280
Purchase of Utensils 650
Income Protectcion Insurance  320
Payment of interest  7400
Tax Agent Fees 180
Travelling cost  2610
Superannuation Contribution 1500
Total Allowable Deductions  15715
Total Taxable Income 35473.2
Tax on Taxable Income 3281.87
Medicare Levy 709.464
Less: Tax offset 445
Less: Franking credit 113.46
Total Tax Payable 3432.874
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