EconomicsComprehensive Calculation for a Prescribed Person Ron Veldhuis Case Study - Economic Assignment Help
Jun 14, 2022
(Comprehensive calculation for a prescribed person)
Ron Veldhuis is aged 16 and is currently studying full-time at high school whilst living with his parents.
During the 2017/18 tax year, Ron received the following amounts: $
Gross Wages from part-time job (PAYG tax withheld $800) 4,700
Gross Interest received on fund given by his parents (TFN withheld $4,900) 10,000
Income Distribution from Estate of Late Aunt 7,500
Income Distribution from Family Trust (tax paid by Trustee $1,500) 6,000
Unfranked Dividend from shares in QQQ Ltd (these were bought with funds from previous Family Trust distributions) 1,200
(a) For the purposes of Div 6AA, how much excepted assessable income has Ron derived?
Expected Income = Wages + Distribution from Estate
= 4700 + 7500
= $ 12200
(b) For the purposes of Div 6AA, how much eligible assessable income has Ron derived?
Eligible Income = Interest + Trust + Unfranked Dividend
= 10000 + 6000 + 1200
= $ 17200
(c) Calculate net tax payable by Ron for the 2017/18 tax year.
Expected assessable Income $ 12200 tax on ordinary rates - Nil
Eligible assessable Income $ 17200 on div 6AA tax rates - 45% = $ 7740
+ Medicare levy @ 2% on 29400 = $ 588
Total income tax payable = $ 8328
(-) Low Income tax offset = Nil
(-) Pay G Tax withheld = $ 800 + $ 4900 + $ 1500
= $ 7200
Net Tax payable = (8328-7200)
= $ 1128
This Assignment has been solved by our Experts at Assignmentsample. Our Assignment Writing Experts are efficient to provide a fresh solution to this question. We are serving more than 10000+Students in Australia, UK & US by helping them to score HD in their academics. Our Experts are well trained to follow all marking rubrics & referencing style.
Be it a used or new solution, the quality of the work submitted by our assignment Experts remains unhampered. You may continue to expect the same or even better quality with the used and new assignment solution files respectively. There’s one thing to be noticed that you could choose one between the two and acquire an HD either way. You could choose new assignment solution file to get yourself an exclusive, plagiarism (with free Turnitin file), expert quality assignment or order an old solution file that was considered worthy of the highest distinction.