ACFI3004 Tax Evaluate of Profits and Deductions for Australian Residents – Case Compare, Singapore

Project Assignment One (15 marks) Stromborg is an Australian resident for taxation capabilities who has operated a a hit commercial fishing replace for loads of years. He owns and operates a wide fishing boat, the SS Aptze, catching crayfish off the Tasman high-tail for export to Japan. While out fishing earlier this year, Stromborg got a radio misfortune call from an oil tanker that became once floundering in wide seas. The tanker’s engine had failed and it became once drifting perilously stop to the Tasman Reef Marine Park. Stromborg straight sailed to the region and efficiently connected a towline to the afflicted boat. Thru lustrous seamanship, he became once ready to abet the tanker exact meters from the reef until abet arrived. Unfortunately, after releasing the tanker, Stromborg’s boat (SS Aptze) became once pushed on the reef and sunk. Stromborg became once rescued from the water and hailed a hero for avoiding an environmental peril. Stromborg’s exploits where acknowledge by a government bravery award and got global media consideration. In Might well also 2024 he signed an queer address an Australian television firm for his memoir and got $65,000 for a series of interviews. As effectively as, the proprietor of the oil tanker, Mr Kalkovanoius, became once so grateful to Stromborg that he made him a reward of a gold bar price $50,000. Stromborg also got a sum of $250,000 from his insurance coverage firm to mask the charge of his misplaced boat and an additional sum of $25,000 compensation for his crayfish find that went down when the boat sunk. Write My Project Rent a Legitimate Essay & Project Creator for polishing off your Academic Assessments Native Singapore Writers Crew 100% Plagiarism-Free Essay Very most practical Pride Price Free Revision On-Time Provide Required Stromborg has approached YOU, to your skill as his tax adviser, to search out out whether or no longer any of the above amounts got in relation to the rescue and loss of his boat will seemingly be assessable for income tax capabilities. You is prone to be to retort to Stromborg within the structure of a knowledgeable correspondence (no longer exceeding 1000 words). Issue your Notice count. Project Assignment Two (10 marks) Mr Edw Dwyer is a 39 year outdated particular person resident of Australia for taxation capabilities. He became once employed as a High College Math Trainer for the rotund 2024 financial year. Edw is single without a dependants and did now not appreciate any non-public health facility mask. The following data relates to the year ended 30 June 2024: Receipts Deplorable Wage as per charge summary (protest 1) $32,208 Fully Franked dividends got 2,900 Unfranked dividends got 1,950 Rep Passion Profits got from Original Zealand bank account (protest 2) 1,800 Deplorable hire got 8,200 Gift from his father 44,500 Money prize for “Queensland Trainer of the 365 days” award 3,000 Payments Costs touching on to the condominium property (all deductible) 9,500 Aquire (12 Jan 2024) of a pc used 76% for replace with an efficient lifestyles of 4 years 2,950 Aquire (01 Jan 2024) of a calculator used 100% for replace with an efficient lifestyles of 4 years 290 Converse hunch – home to university return (for the year) 1,600 Annual price – Australian Lecturers’ Alternate Union 1,300 Varied deductible expenditure touching on to Australian income 1,000 Notes The charge summary also confirmed $12,000 PAYG deducted, a Reportable Fringe Serve amount of $4,500 and a Reportable Employer Superannuation Contribution amount of $4,700. The Miri government withheld $220 tax from the faulty $2,000 hobby earned. At 30 June 2024 Edw had an collected HELP (HECS) debt of $6,900 Aquire Custom Answer of This Evaluate & Elevate Your Grades Accumulate A Free Quote Required Calculate the taxpayer’s minimal taxable income and obtain tax payable/refundable for the year ended 30 June 2024. Suppose all workings. Referencing to the Profits Tax Evaluate acts is no longer required.  

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