ACCG3020 Taxation Law and Practice With Business Activities Statements - Taxation Assignment Help

Assignment Task

Explain and support your answers. 
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. 

REQUIRED 
1. Advise Kylie on what amounts have to be included in her taxable income for the  2020/2021 tax year. 
2. Calculate the assessable income which Kylie needs to declare in her income tax  return. 

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