| Country : | Australia |
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Assignment Task:
Question 1
Wilma is a school teacher who teaches at a local school. Her wages were 5110,000 per annum during the year ended 30 June 2019. In addition to this salary, she was paid a lump sum of $40,000 in backpay on 1 July 2019 to cover underpayments of her salary of $10,000 per year for the last four years going back to 2015. Wilma is a very keen teacher and works hard to help her students. While she does have an office at the school, she has set aside a room (20% of the total floor space) in her apartment to be used entirely to prepare for classes and to mark exams and assignments, Wilma has the following expenses related to her home office during the year:
• 20% of the annual rent of $50,000 paid on her apartment $10,000
• Computer acquired on 1 July 2018 with a useful life of 3 years used entirely for work $3,000
• 20% of her home electricity bill of 52,500 based on a reasonable estimate of work use $500
Wilma is also studying a Master of Education degree at the local University. She believes this degree will introduce her to new teaching techniques. She has the following expenses related to the course during the year ended 30 June 2019:
• Course fees for four subjects at $3,000 per subject (not HECS) $12,000
• Travel from her work at the school to university for classes after work 51,000
Wilma also completed a yoga course during the year which cost her $800 to cope with the stress of her job. Wilma had some investments that yielded some returns as follows:
• Term deposit of $300,000 on which she received interest $15,000
• Shares In XYZ United which paid her fully franked dividends $9,000
• Shares In ABC United which paid unfranked dividends $10,000
Wilma paid her tax agent $190 in July 2019 for preparing her tax return for the year ended 30 June 2019. Wilma wants to minimise her taxable income for this year.
Required: Advise Wilma as to what her taxable income or loss is for the year ended 30 June 2019.
You must give reasons for your answer. Your discussion must include an analysis of the pertinent sections of the relevant legislation, rulings and the relevant case law. If relevant, you must show your calculation. You must apply the law to the facts in the paper and provide YOUR OWN analysis of the issues and write a comprehensive answer to the question.
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