Hermun has Come to You with The Rest of his Tax Information - Law Assignment Help

Assignment Task:

Task:

Hermun has come to you with the rest of his tax information in order to lodge his 2021 tax return Received $ Gross salary from A+ Homes which included a commission from house sales of $15,000 (tax deducted of $18,000). 90,000 At Hermun’s instruction $120 per fortnight is paid to his health fund for required private hospital insurance and the balance paid into a joint account held with his partner. Entertainment allowance from his employer (spent in full having dinner with other stylist when attending 3 monthly networking events in Sydney and Melbourne). 1,000 Rent from tenanted property, $500 per week. Property is in Hermun’s name only. 7,000 Interest on investments held jointly with partner. 1,000 Cash dividend from public company, ($1,114 imputation credit). The shares are jointly owned. 2,600 During the year a work of art was sold for $8,000 which had originally been purchased for $9,000; and a rare antique for $5,000 that had originally been purchased for $50. Both were sold as part of a redecoration project in Hermun’s home.

In addition a jet-ski was sold for $6,000 which had been originally purchased for $10,000 as COVID restrictions had impacted on Hermun’s enjoyment. 19,000 Spent Tenanted property Repairs: 15-19 February painted property inside and outside. 4,700 1 November plumber – replace pipe connection to sewerage. 1,400 1 December electrician replaced faulty wiring. 400 Interest on mortgage. 5,500 Insurance on property. 850 Rates for property. 1,200 Other expenses. Subscription to Home Styling journal. 850 Attended networking events and was absent for 8 days, registration, meals and accommodation for 4 days valued at $2500 was paid by his employer but Hermun paid the accommodation fee $600 and for meals (excluding the dinner for which he used his entertainment allowance) of $100 which 2,800 were not paid by his employer. He opted to stay the night before and at the end of the event as the events started at 9.00 am and finished at 6.00pm. Hermun travelled by car which totalled 3,600 km for the four events.

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