FNSACC512 Tax Assessment On Prepare Tax Documentation For Individuals

Task 6

Calculate the tax-free threshold for the following individuals for the year ended 30 June 2018. Use months rather than days in your calculations and show all your workings.

1. Starr is single, aged 39 and became an Australian resident on 1 October 2017.
2. Brendan is married, aged 42 and has no private health insurance. He ceased to be an Australian resident on 31 December 2017. Calculate the Medicare levy surcharge for the following individuals for the year ended 30 June 2018.
3. Murray is a single 42 year old. Murray received wages of $89,000, allowable deductions of $3,000, had reportable fringe benefits of $18,000 and a net investment loss of $4,000 for the year ended 30 June 2018.
4. Bella is single and has a taxable income of $110,000, reportable fringe benefits of $40,000 for the 2018 tax year.