ACC3TAX - Assessment 1
Tim Brown is employed by John West, the UK parent company located in Liverpool, England. On the 1st of December 2012 Tim was transferred to Echuca to work for Simplot Australia for a period of five years. This company is a leading Australian Food Manufacturer whose iconic brands include John West. Tim lived in a house owned by Simplot Australia and leased his Liverpool residence. During the year ended 30th June 2103 the following transactions took place:
• Salary from John West in Liverpool (1 July 2012 to 30 November 2012) $25,000
• Salary from Simplot Australia $62,000
• Bonus on commencement of work - paid by Simplot Australia $4,500
• Productivity Bonus (paid 5th July 2013) $2,500
• Interest on an Australian Bank Deposit $500
• Rental Income for their residence in Liverpool $4,000
• Interest Income from New York Bank
o (15% withholding tax has been paid) $425
Required:
(a) Calculate Tim's Australian taxable income and Australian tax payable for the year ending 30.06.2013.