Doug Resident of Australia Report Writing - Law Assignment Help

Assignment Task:

Task:

Question 2 — 2018 Tax year - Resident 
a. Doug (resident of Australia) earns $190,000 from his employment as a computer technician. He has no allowable deductions. b. Doug (resident of Australia) earns $32,500 from his employment as a computer technician. He has no allowable deductions. c. XYZ Pty Limited (resident of Australia and not an SBE) has assessable income of $32,500 for the tax year. It has no allowable deductions. Required: Calculate the Net Tax Payable/Refundable that would be assessed in relation to the situations referred to above for the year ending 30 June 2018. 
15 
.13 
Low Income Tax Offset (LITO) 
$0 — $37,000 
$445 
$37,001 —$66,667 
$445 — [(taxable income — $37,000) x 1.5%] 
4 

Taxable Income Low and Middle Income Tax Offset (LAMITO) $0 - $37,000 $255 $37,001 - $48,000 $255 + 7.5% (Taxable Income - $37,000) $48,001- $90,000 $1,080 $90,001 - $126,000 $1,080 - 3% (Taxable Income - $90,000) Over $126,000 Nil 
LAMITO is only available to Australian Resident Individuals and is a non-refundable offset. 
Question 1— 2019 Tax year - Resident 
a. Doug (resident of Australia) earns $190,000 from his employment as a computer technician. He has no allowable deductions. b. Doug (resident of Australia) earns $32,500 from his employment as a computer technician. He has no allowable deductions. c. XYZ Pty Limited (resident of Australia and not an SBE) has assessable income of $32,500 for the tax year. It has no allowable deductions. Required: Calculate the Net Tax Payable/Refundable that would be assessed in relation to the situations referred to above for the year ending 30 June 2019. 
(m) 
Low Income Tax Offset (LITO) 
Taxable Income 
$0 — $37,000 
2013 Tax year to 2020 Tax year 
$445 
 

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