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    TLAW 303 – TAXATION LAW – ASSIGNMENT QUESTIONS1

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    Answer the following questions with reference to the relevant legislative provisions operating in Australia concerning the calculation of income tax. Do not consider the effects of legislation potentially applicable other than that specifically identified.Assessment TasksQuestion 1 10 MarksCalculate the income tax payable, ignoring the Medicare levy, for the following taxpayers for the year ended 30 June 2017:(a) An Australian individual who is a resident with a taxable income of $18,000.(b) An Australian individual who is a non-resident with a taxable income of $18,000.(c) An Australian compa...

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    Answer 1(a)    An Australian individual who is a resident with a taxable income of $18,000. Below $18,200 no tax is applied on Residents.

    (b)    An Australian individual who is a non-resident with a taxable income of $18,000. 0 to $87,000 @ 32.5cents for every $1Tax = 18000 * 32.5cents = $5,850. 

    (c)    An Australian company with a taxable income of $18,000. Company having taxable income less than $10 million is a small turnover company with profit taxable at flat 27.5%. As nothing is given for turnover, it is assumed that it is less than $10 millionTax = $18,000 * 27.5/100 = $4950

    (d)    An Australian individual who is a resident with a taxable income of $145,000. 0 - $18,200             – NIL$18,201 to $37,000          $3572$37,001 to $87,000        $16250$87,001 to $145,000        $21460Total                $41282

    Note:Here Income is $145000. Therefore $87,001 - $145,000 = $21460

    This report aimed to develop a critical understating of the various accounting software by evaluating the cloud-based accounting software in regards to businesses and then suggest the most appropriate accounting software to a chosen company such as Woolworth. The findings of the current report reflected that the company has key activities like manage, organize, maintain its store staff, develop various strategies for the business, billing for their products, maintain their transactions, and records them and handle their conflicts, etc. Similarly, its other activities related to revenue and expenditure cycle also includes sales and purchase related practices. Moreover, some internal controls are found weak in Woolworth due to which company has risks like segregation of duties, major frauds, poor corporate governance, improper monitoring of managerial opportunistic behavior.

    This report aimed to develop a critical understating of the various accounting software by evaluating the cloud-based accounting software in regards to businesses and then suggest the most appropriate accounting software to a chosen company such as Woolworth. The findings of the current report reflected that the company has key activities like manage, organize, maintain its store staff, develop various strategies for the business, billing for their products, maintain their transactions, and records them and handle their conflicts, etc. Similarly, its other activities related to revenue and expenditure cycle also includes sales and purchase related practices. Moreover, some internal controls are found weak in Woolworth due to which company has risks like segregation of duties, major frauds, poor corporate governance, improper monitoring of managerial opportunistic behavior.

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