Assessment Task 1
Written Report
Submission details
Candidate’s
name
Phone
no.
Assessor’s name
Phone
no.
Assessment site
Assessment
date/s
Time/s
The Assessment Task is due on the date specified byyour assessor. Any variations to this
arrangement must be approved in writing by your assessor.
Submit this document with any required evidence attached. See specifications below for
details.
Question 1
Explain the following taxation terms:
A. Gross assessable income
B. Taxable income
C. Medicare Levy Surcharge
Use the tax rates given below for calculation in the following questions:
Taxable income Tax on this income
$0 – $6,000 Nil
$6,001 – $30,000 15c for each $1 over $6,000
$30,001 – $75,000 $3,600 plus 30c for each $1 over $30,000
$75,001 – $150,000 $17,100 plus 40c for each $1 over $75,000
Over $150,000 $47,100 plus 45c for each $1 over $150,000
Medicare Levy thresholds
“All other taxpayers” $17,309 - $20,363
Question 2
Calculate the tax payableand the average rate of taxif the taxable income for single
individual tax payer is:
A. $25,000
Tax payable
Average tax rate
B. $45,000
Tax payable
Average tax rate
Question 3
For each of the taxable income specified below, calculate the gross tax payableand
the Medicare levy payable.
A. Taxable income $8,500
Gross tax payable
Medical levy payable
B. Taxable income $17,000
Gross tax payable
Medical levy payable
C. Taxable income $80,000
Gross tax payable
Medical levy payable
Question 4
In each of the following situations for a single individual taxpayer, calculate the
taxable income and the estimated tax payable/refundable including Medicare levy
(ignore rebates).
Gross
assessable
income
Allowable
deductions
Tax
withheld
Tax
Offsets
Taxable income Medicare levy
Tax owing to Tax
Office / refundable by
Tax Office
STATE OWING /
REFUND
A. $15,000 $400 $1,200 $200
B. $32,000 $350 $5,800 $500
C. $85,000 $3,000 $7,000 $800
D. $180,000 $4,500 $15,000 –
Workings:
A.
B.
C.
D.
Question 5
Student Natasha Parker, single with no dependent, ceased full-time education on 30
November 2007 to join the workforce. She commenced full-time employment on 1
March 2008. Her income for the year ended 30 June 2008 was as follows:
Wages from part-time work (1 July 2007 to 30 November 2007)$1,100
Interest on savings account (1 July 2007 to 30 November 2007) $250
(1 December 2007 to 30 June 2008) $350 Unemployment benefits $1,600
Wages from full-time employment $8,000
Required to calculate:
Show workings.
A. The taxable income
B. The tax-free threshold
C. The tax payable