Australian Taxation Office's (ATO's) Case Study - Taxation Assignment Help

Assignment Task

Answer the questions in the following scenario.

Be sure to show all your working. The scenario Is for the 2020/21 financial year. You will need to refer to the Australian Taxation Office's (ATO's) website for the tax rates and the medicare levy. Include the URL reference or a screen shot to demonstrate the information you obtained. 
 

FJ Holden sells new cars for a living. She earns $379 per week plus a commission of 2% on properties she sells. In the 2020/21 financial year she sold $2 600 000 worth of cars. She receives the weekly retainer for 52 weeks of the year. 
 

During the financial year she also made a term deposit of $6000 invested for 9 months at a rate of 2.6% pa compounding monthly. 
 

FJ Holden is paid a petrol allowance of $120 per month. She has work related travel expenses of $1235 per year. She has a dependent spouse so is entitled to a tax offset of $690. 
 

She has a $1495 ipad. She estimates she uses it 70% of the time for work purposes. She is able to depreciate the laptop over a three year period using the straight line method and claim the depreciation as a tax deduction. (assume a scrap value of $0) 
 

FJ does not have to pay the Medicare surcharge, only the standard medicare levy. 
 

a) Determine FJ's taxable income for the 2020/21 year. 
 

b) Calculate the total tax payable by FJ Holden in the 2020/21 year. Be sure to include the medicare levy. 
 

c) Given that FJ's Payment summary already indicates that FJ has paid $9876 in tax, does FJ get a refund or does Stevie have to pay more tax to the government? 
 

d) Next year, FJs boss is altering her work conditions and she won't earn a commission. However, her weekly pay will increase /0 0790. Will she have to pay more or less tax? What is the percentage tax difference?

(Assume all other conditions are the same and use the 2020/21- tax table). 

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