FNSACC512 Tax Assessment On Prepare Tax Documentation For Individuals

Task 3

For each of the following items state what amounts (if any) are to be included as assessable income of William, an employee of Sports Stars Ltd.

1. Sports Starts Ltd. pays tuition fees of $3,000 for William’s children
2. $1,070 net interest from bank ($930 tax deducted due to no TFN notified)
3. Received an award of $600 cash as employee of the month
4. Carer payment of $1,000 received from Centrelink in respect of his 70 year old ill father
5. Given a farewell gift worth $120 from work colleagues of his previous employment
6. Tax refund of $3,400 received from the ATO
7. Reimbursement of hospital expenses from Medicare $700
8. Gross Salary of $71,000 ( PAYG $11,400)
9. Car allowance of $2,500 received from employer
10. Unfranked dividend of $4,000
11. Proceeds of term deposit of $5,200 (includes principal of $5,000)
12. Lottery win of $45,000
13. Army reserve payment of $850 to William who serves on part time basis
14. Received lump sum of $50,000 due to loss of leg as a result of work accident
15. Prize of $200 won in a magazine competition
16. Birthday gift of $200 from uncle
17. Gross interest on saving account held jointly with spouse $1,000
18. Christmas bonus of $800 received from Sports Stars Ltd
19. Fully franked dividend of $7,000 received from Westpac Bank
20. Received $2,400 from sickness and accident policy
21. Sports Starts Ltd. paid $1,000 in superannuation guarantee payments to William’s nominated superannuation fund
22. GST of $1,400 on sales received from customers on goods sold in his online business
23. Workers compensation of 2,000 received by William for lost wages