A resident of Australia for tax purposes received a fully franked dividend of $210,000 with no other assessable income for the year ended 30 June 2022. Determine the tax liability (disregarding any tax offsets and levies)

A resident of Australia for tax purposes received a fully franked dividend of $210,000 with no other assessable income for the year ended 30 June 2022. Determine the tax liability (disregarding any tax offsets and levies)

FINANCIAL ACCOUNTING

10th Edition

ISBN:9781259964947

Author:Libby

Publisher:Libby

Chapter1: Financial Statements And Business Decisions

Section: Chapter Questions

Problem 1Q

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Case Study 2 Identify the relevant elements of Australian tax law in the following scenarios and calculate the total tax payable (including Medicare Levy and any other tax offsets) by James for the 2021/22 financial year. Show your workings. On 1 July 2021, James sold some jewellery for $5,000 which he bought on 1 April 2019 for S 2,780. On 1 August 2021, James sold his camera for $22,000 which he bought on 15 June 2019 for $23, 000. On 5 October 2021, James sold a painting for $950 which he bought on 4 April 2013 for S480. On 8 November 2021, James sold some listed shares for S49, 500 which he bought on 30 January 2021 for $42, 400 (net costs). On 30 June 2022, James receives interest income of $24,000.
Ana, a resident citizen, provided the following data for year current taxable year: Gross income from business (gross of P12,000 CWT) Business Expenses Royalty from books Gain on direct sale to buyer of shares of stock of a domestic corporation held as capital asset Loss on sale of land in the Philippines held as capital asset with cost of P1,500,000 when the zonal value is P1,200,000 How much is the total income tax expense of Ana? 159,500 207,500 116,500 156,000 P700,000 300,000 40,000 70,000 500,000
 Walter Wentworth Walter Wentworth lives in South Africa. He was on holiday in Australia for the last 92 days of the 2021year of assessment.  Venicia Ltd Venicia Ltd is incorporated in South Africa. It carries on business in Europe. Its place of effectivemanagement is in Lucerne, Switzerland. Its year of assessment ends on the last day of February.REQUIRED: Indicate if the above persons will be subject to normal tax in South Africa for the 2021year of assessment. (Ignore the provisions of a double tax agreement that may be applicable.)
Which of the following would not be considered to be tax planning. An arrangement that: Reduces or defers assessable income Maximises or accelerate deductions Utilise different tax rules Maximises tax offsets Splits or diverts income Does not disclose income Kenny is an Australian resident adult individual who’s professional footballer and employee of an Australian football league club. During the income year, he received and derived the following amounts: $200,000 Match fees for his work in playing football games for his club in the league. $20,000 Prize awarded for being best and fairest player in the league. $10,000 Appearance fees for his services in appearing on a television show. $5000 Car expenses reimbursed by an employer based on distance travelled. During the income year. he incurred the following deductible outgoings: $10,000 marriage fees Kenny’s total accessable income for the income year is: $245000 $235000 $230000 $225000 $220000 $215000 $210000 $205000 $200000
2. Assume that a resident citizen has the following taxable income from sources in the Philippines and in foreign countries for year 2022: Taxable income in the Philippines Taxable income in foreign countries - Ukraine Russia Washington, USA Entire taxable income Income tax paid or incurred to foreign countries - Ukraine Russia Washington, USA Total income tax paid or incurred to foreign countries P 10,500,000 1,125,000 1,575,000 1,800,000 P 15,000,000 P 393,750 551,250 630,000 P 1,575,000 Required: Compute income tax still due or payable after tax credit.
During 2020, Mr. Kind, a resident of Alberta has a taxable income of $89,023. Calculate his 2020 Federal Tax Payable before consideration of credits based on the 2020 tax table: Taxable income in Excess of Federal Tax Marginal Rate on Excess 0 0 15% 48,535.00 7,280.00 20.50% 97,069.00 17,230.00 26% ( Note: Round your answer to the nearest whole number. No $ sign, no comma or nor decimal is required. e.g. 12084;) Type out the correct answer ASAP with proper explanation of it.will gives you thumbs up only for the correct answer. Thank you
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The UK tax gap in 2021 was £35billion or 5.6% of total tax liability. • Required: Identify two factors that contribute to the gross UK tax gap and explain two tax policy/administrative approaches the UK government takes to mitigate the impact and to collect the tax not otherwise voluntarily paid.
Jacob earned employment income of £34250 and receive dividends of £17500 outside of an ISA in the tax year 2020/21. PAYE of £3680 was paid in respect of employment income. Requirement: Calculate Jacob’s tax liability for tax year 2020/21
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Abe commenced trading on 1 September 2020. The tax adjusted trading profit for his first two accounting periods is as follows: Accounting period Tax adjusted trading profit Ten months ended 30 June 2021 £ 15,720 26,340 Year ended 30 June 2022 On what amount of trading profit will Abe be assessed for the tax year 2021-22? £26,340 £20,110 £24,471 £15,720