Taxtation Law And Practice : Case Study - Accounting Assignment

Internal Code : MAS3683

Accounting Assignment

Case Study : Jane Brown (aged 30). Jane is an eligible beneficiary of the Brown Family Discretionary Trust. The trustees decided to distribute a cash amount of $20,000 to Jane for the current tax year. Jane also receives $20,000 fully franked dividends.Jane has a $20,000 HELP debt. Jane received $79,000 (gross income) from employment at Company Pty Ltd for the period 1 July 2016 to 30 June 2017. The correct amount of PAYG has been withheld. Jane reports interest income of $475. Jane advises of investment expenses of $250. Jane receives rental income of $35,000 from an investment property. The associated expenses are: Mortgage repayments: $25,000 Repairs: $2,000 Rates: $2,500 Insurance: $500 Jane sold a parcel of 200 Coles Myer Group shares on 1 July 2016 for $3,500. She had purchased these shares on 1 July 2009 for $800. Her brokerage costs of buying and selling were $300 in total. Jane made donations (for which she presents tax invoices and receipts) to the value of $900. Jane does not wear a uniform to work. Jane pays premiums on an income protection insurance policy equivalent to $1,000 per year. Jane does not have Private Health Insurance. Question : Calculate the net tax payable/ refundable situation for Jane for the current tax year (include references, calculations & assumptions)