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.

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.

SWFT Individual Income Taxes

43rd Edition

ISBN:9780357391365

Author:YOUNG

Publisher:YOUNG

Chapter4: Gross Income: Concepts And Inclusions

Section: Chapter Questions

Problem 37P

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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 $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 $480. On 8 November 2021, James sold some listed shares for $49,500 which he bought on 30 January 2021 for $42, 400 (net costs). On 30 June 2022, James receives interest income of $24,000.
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