ACCG3020 Taxation Law and Practice & Kylie Jones Australian Permanent Residency Case Study - Taxation Law Assignment Help

Assignment Task

Kylie Jones    

• Kylie Jones is a well-known pianist who moved from New York, United States, to  Sydney, Australia, on 1 August 2019 to work for Sydney Symphony Orchestra.  Her remuneration includes a salary of $450,000 plus $50,000 bonus per year and a  contractual term of two years.  
• Kylie obtained Australian permanent residency since 15 August 2019 and set up  the music school which is called NY Music School on 1 September 2019. She is  the sole owner and principal of music school located in Sydney’s inner city. She  hires five musicians to teach school students during weekend. 
• The following information relates to Kylie’s business for the year ended 30 June  2021:  
• Cash received from clients in 2020/2021 $300,000 Unpaid accounts as at 30 June 2021 $50,000 Unpaid accounts as at 30 June 2020 $60,000 Salaries paid to five musicians $120,000 Other expenses paid $40,000 
• - During the year Kylie also paid $65,000 PAYG withholding tax to the ATO  when she lodged her Business Activities Statements. 
• - Kylie requested a client who owed her $1,500 for services she had provided in  May to have the full amount paid to a charity (Red Cross) on 5 July 2021.  
• - On 26 May 2021, Kylie received an iPad (market value $1,000) from one of  her clients. It was accompanied by a note thanking Kylie for her service. 
• Kylie also bought the following assets in Sydney since she obtained permanent residency: 
• • A family house in Paddington: acquired on 1 December 2019 at a cost of  $2,400,000  
• • Furnitures: acquired on 1 January 2020 at cost of $150,000 
• • Painting: acquired on 2 February 2020 at cost of $200,000 were sold for  $180,000 on 1 December 2020.  
• • 50,000 Shares in CBA: acquired on 15 February 2020 at a cost of $400,000  were sold for $550,000 on 16 May 2021.  
   

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