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# Australian Income Tax Law And Practice

University: University of London

• Unit No: 11
• Level: High school
• Pages: 5 / Words 1211
• Paper Type: Assignment
• Course Code: N/A

Table of Content

## QUESTION

1. The taxable income is determined under s4-15 wherein all deductions are subtracted from the total assessable income. In the context of given case scenario, Michael's tax liability amounts to \$122,000 (=\$130,000-\$8,000). This is only applicable for Michael as his wife is unemployed. The tax payable can be further bifurcated and presented as under:

 Taxable Income Tax on this income \$0 to \$18,200 No tax payable \$18,201 to \$37,000 \$18800*19% = \$3,572 \$37,001 to \$87,000 \$50,000*32.5% = \$16,250 \$87,001 to \$122,000 \$35,000*37% = \$12,950 Total Tax Payable by Michael \$32,772 (=\$3,572+\$16,250+\$12,950)

2. Mary's Decor is a home decorators business operated by Mary with a total turnover of \$350,000 for the current financial year. It is assumed that Mary is a Cash Taxpayer. Since the total turnover value includes a component of Credit Sales worth \$60,000, their revenue would only be taken into consideration for tax purpose when such debts are actually realised by Mary from Accounts Receivables. The same applies for Interest payments realised worth \$3,000 from the total of \$8,000. Hence, the net turnover relevant for tax liability computation is \$290,000 and Interest Payments received on overdue of customers is \$3,000. Also, there are tax Thus, the total tax liability of Mary amounts to \$65000 (=\$290,000+\$8,000-\$3,000-\$230,000). Hence, the total tax payable by Mary on their total tax liability can be bifurcated and presented

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