H2 Advice Ben of all the tax consequences he will have to face because of the following (as per the Australian taxation law) i) Ben is a manager employed by ABC Pty Limited under a two-year contract. His employment package consists of the following: At Easter 2022 ABC Pty Limited provides a “Bunny” hamper to Ben. As he is a more senior employee the hamper includes 10 bottles imported Mexican wine. ii) the sale of an investment property sold for $600,000 which Ben had acquired for $400,000 a year before. ( tax consequences to ben)

H2 Advice Ben of all the tax consequences he will have to face because of the following (as per the Australian taxation law) i) Ben is a manager employed by ABC Pty Limited under a two-year contract. His employment package consists of the following: At Easter 2022 ABC Pty Limited provides a “Bunny” hamper to Ben. As he is a more senior employee the hamper includes 10 bottles imported Mexican wine. ii) the sale of an investment property sold for $600,000 which Ben had acquired for $400,000 a year before. ( tax consequences to ben)

Income Tax Fundamentals 2020

38th Edition

ISBN:9780357391129

Author:WHITTENBURG

Publisher:WHITTENBURG

Chapter8: Depreciation And Sale Of Business Property

Section: Chapter Questions

Problem 13P: Tom has a successful business with $100,000 of taxable income before the election to expense in...

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Accounting Gary wants you to calculate his personal income tax liability. He is a tax resident of Australia. During the year ended 30 June 2022 he received the following: Gross salary and wages of $138,000. His employer deducted from his salary PAYGW tax of $22,523. Interest income of $678 from the ANZ Bank Interest of $32 from the BNZ Bank in New Zealand. The $32 is after the New Zealnd Tax Authorities deducted withholding tax of $5.2O. A dividend of $156 from Rio Tinto. He also spent $250 on text books for his work as an IT engineer. He does not have private hospital cover. Required: Calculate his taxable income and his total tax payable for the year ended 30 June 2022.
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38-Said uses his own car for business travel. During 2019/20, Said drove 10,000 miles while performing of his duties. Said employer paid him 20p a mile. Which one of the following is allowable deduction from Said's employment income as per the UK tax laws? O a. £4,500 O b. None of the options O c. £2,500 O d. £2,000
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Simon's employer is considering improving Simon's current remuneration package by offering him a leave passage of up to a maximum of RM8,000 per year, including hotel accommodation and meals. Explain the tax treatment, from the employee's perspective, of both local and overseas leave passages for travel, hotel accommodation and meals and state which would be more tax efficient for Simon.
On 1 April 2019, Mia accepts an offer of employment from Priceline Pty Ltd. Her salary package includes a company car worth $55,000 Throughout the FBT year Mia paid $3,500 for petrol. Mia did not keep a logbook. Priceline is entitled to claim input taxed credits for GST purposes. Required: Advise Priceline Pty Ltd as to the relevant section of the FBTAA to apply... then show the relevant formula and... then calculate the fringe benefits tax payable (rounded to the nearest dollar) for the 2020 FBT year.
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