taxable income from 1st january 2021 to 30th June. Mrs A, a single mum with two children, would like you to assist her to prepare her tax return for the 30 June 2021 tax year.She has presented you with the following list of items.Payment summary from Company B - 93830Payment Summary for casual work from Company C - 53215Payment for attending a casual work conference - 7378Reimbursement for expenses at the casual work conference - 2000State lottery winnings - 1000Net capital gain on shares sold during the year - 6495Dividends received - 8522Compensation for loss of wages due to an injury at her casual job - 1000Interest from a bank term deposit - 1000Money from selling eggs that her chickens laid to her friends - 500General work deductions - 10000Deductions that are not allowed for tax purposes - 5000She had private insurance from 1 January 2021 and a HELP debt of $20,000.How much is her taxable income? (enter the whole number without sign and symbol)

After deducting all the eligible deductions from the total income earned by the individual, the…

Answered: taxable income from 1st january 2021 to…

Business

Accounting

taxable income from 1st january 2021 to 30th June.

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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Concept explainers

Capital Gain

Any capital asset when sold can give the seller a higher or lower price from its purchase price leading to a capital gain or capital loss. The time period of holding an asset is decided based on if it is a long term or short-term capital gain. On that basis, the rate of taxation is decided if it is 20%, 15% or according to the tax brackets. The rate of taxation differs in the case of equity or debt, whether long or short term. The capital gain can be adjusted from capital loss to arrive at a net capital gain. The amount of gains and the exemption has to be reported in the tax return filed in the financial year in which the asset was transferred. The tax return can be filed quarterly, monthly, semi-annually or annually.

Question

taxable income from 1st january 2021 to 30th June.

Mrs A, a single mum with two children, would like you to assist her to prepare her tax return for the 30 June 2021 tax year.
She has presented you with the following list of items.
Payment summary from Company B - 93830
Payment Summary for casual work from Company C - 53215
Payment for attending a casual work conference - 7378
Reimbursement for expenses at the casual work conference - 2000
State lottery winnings - 1000
Net capital gain on shares sold during the year - 6495
Dividends received - 8522
Compensation for loss of wages due to an injury at her casual job - 1000
Interest from a bank term deposit - 1000
Money from selling eggs that her chickens laid to her friends - 500
General work deductions - 10000
Deductions that are not allowed for tax purposes - 5000
She had private insurance from 1 January 2021 and a HELP debt of $20,000.
How much is her taxable income? (enter the whole number without sign and symbol)

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