The writer is very fast, professional and responded to the review request fast also. Thank you.
Book/movie review
22/08/2022
Tax Return Information
Jake Smith is an Australian resident and, also, one of your clients. Jake has the following
events during the year.
During the entire 2018 income year, Jake worked for MD & A Architects. Jake was
provided with his PAYG Payment Summary for the period 1 July 2017 to 30 June
2018. Gross salary was $86,000. PAYG tax withheld was $19,820.
Jake uses his car for work. Jake was reimbursed for 6,000 kilometers travelled during
the year at 75 cents per kilometer. PAYG withholding of $1,500 was deducted during
the year.
Jake earns interest of $100 during the year (gross). Jake did not provide the bank
with his tax file number.
Jake received an unfranked divided of $3,500 on 18 June 2018. Jake participated in
a dividend reinvestment scheme so that he received an additional 198 shares in the
company.
Jake purchased 1,000 ANZ bank share on 1 March 2015 at $22 each. Brokerage costs
on purchase were $50. Jake sold 500 ANZ bank shares on 1 June 2018 for $24 each.
Brokerage costs on sale were $55.
On 12 May 2018, Jake sold his “cricket bat” collection. This consisted of 5 cricket bats
that were signed by famous people. The great “Sahin Tendulkar” has signed one of the
bats. Ricky pointing had signed one of the bats which was worth considerably less than
the bat signed by Tendulkar. Jake purchased the bats between 1999 and 2004 for a total
cost of $2,600. He sells the entire collection for $900.
Jake failed to keep a log book but wishes to claim his Mazda 3 motor car if possible.
Jake’s diary notes indicate he travelled 7,420 kilometers. Total car expenses including
depreciation is $6,200. He estimates (has a guess) that his business percentage is
95 percent. Jake does not have a second motor car.
Jake owns a mobile phone which he uses for work. His mobile telephone call costs for
the 2018 income year totalled $1,400. Jake estimates that 60% of these calls were work-related.
Jake failed to keep his receipts and can’t provide any material documentation.
On 1 May 2018, Jake paid the invoice which he received from his previous tax agent for
the preparation and lodgement of his income tax return for last year. The tax agent’s fee
was $400.
. Jake is not married and does not have health cover.
Advise
Jake as to the tax implications of each of these 10 items and the impact it will have on
his tax returns. Students should quote sections of law where appropriate.
In addition, students should calculate Taxable income only (showing brief workings).
The writer is very fast, professional and responded to the review request fast also. Thank you.
Delivering a high-quality product at a reasonable price is not enough anymore.
That’s why we have developed 5 beneficial guarantees that will make your experience with our service enjoyable, easy, and safe.
You have to be 100% sure of the quality of your product to give a money-back guarantee. This describes us perfectly. Make sure that this guarantee is totally transparent.
Read moreEach paper is composed from scratch, according to your instructions. It is then checked by our plagiarism-detection software. There is no gap where plagiarism could squeeze in.
Read moreThanks to our free revisions, there is no way for you to be unsatisfied. We will work on your paper until you are completely happy with the result.
Read moreYour email is safe, as we store it according to international data protection rules. Your bank details are secure, as we use only reliable payment systems.
Read moreBy sending us your money, you buy the service we provide. Check out our terms and conditions if you prefer business talks to be laid out in official language.
Read more