Determining income for medicare levy surcharge


Problem 1: Please describe when and how you would use the Single Persons and the Families medicare levy tables.

Problem 2: Please describe how investment losses are treated in determining income for medicare levy surcharge purposes, and income to which the medicare levy surcharge applies?

Problem 3: Explain how net wages and PAYG withheld on those wages are treated in the calculation of assessable income.

Problem 4: How are franking credits treated in the calculation of taxable income and tax payable?

Problem 5: Please advise how foreign dividends and withholding tax treated in the calculation of taxable income and tax payable.

Problem 6: Please advice and describe the 3 methods used to calculate a capital gain.

Problem 7: Explain the order in which capital losses are best applied to capital gains under these 3 methods, and why.

Problem 8: For the capital gains part main residence exemption, please explain the formula used to determine the exemption.

Problem 9: Are foreign pensions fully assessable, and why or why not.

Problem 10: Describe the different ways a superannuation lump sum taxed element can be taxed.

Problem 11: How is a superannuation income stream taxed if the recipient is under preservation age?

Problem 12: Please explain the simplified deprecation rules that apply to small business entities.

Problem 13: How do you determine if an item is trading stock?

Problem 14: All travel expenses are deductible, please advise whether this is correct or not, and why.

Problem 15: Is there a difference in the deductibility of annual leave paid and annual leave provided.

Problem 16: Explain deductible tax related expenses. Please provide an example of tax related expenditure that is not deductible.

Problem 17: Detail the 2 most common depreciation methods, and why one would be used over the other.

Problem 18: Describe what a balancing adjustment is and whether there are different types.

Problem 19: Why are zone tax offsets available, and how do they affect tax payable.

Problem 20: Can net losses from business activities of a partnership be deducted from other assessable income, and if so, what conditions must be met.

Problem 21: Does residency influence whether individuals must lodge an income tax return, and if so, how.

Problem 22: What role does the Tax Practitioners Board play in the lodgement of income tax returns?

Problem 23: Please describe the types of anti-avoidance provisions.

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Taxation: Determining income for medicare levy surcharge
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