Australian Taxation

Combination Q1:

Miss Russell QC (Queen’s Council) is a lawyer by day and a university lecturer by night. She receives salary from the law firm of $100,000 and salary from the University of $50,000. She is single and has private health insurance from 1 January 2019 to 30 June 2019.

During the year Miss Russell had to travel to see clients. She acquired the car on 1 October 2018 for $60,000. The acquisition cost was funded entirely by a loan at an interest rate of 15%. She has determined that the depreciation deduction on the car would be $2,300 for the year. In addition, Miss Russell incurred the following expenses during the year:

 Registration and insurance $2,000

 Repairs and maintenance $1,000

 Oil and fuel costs $1,500

For the period 1 October 2018 to 30 June 2019, Miss Russell estimates the car travelled a total of 15,000 km, 12,000 of which were for business purposes.

She kept a logbook of all of her travels. Miss Russell also has mobile phone that she uses only for business purposes.

The cost of the phone is $300 per month and she pays this herself. Miss Russell also received $10,000 dividends on the 28 June 2019. These were partially franked to 80%.

Calculate Miss Russell’s net tax payable as at 30 June 2019.

Which of the following scenarios would it be appropriate to use a normal approximation for the sampling distribution of the sample proportion?

Select one:

A researcher wishes to find the probability that more than 60% of a sample of undergraduate students from UNC will be female. She samples the first 42 students that walk into the gym on Monday morning. The population proportion of undergraduate females at UNC is known to be 60.1%.

A researcher wishes to find the probability that less than 5% of a sample of undergraduate students from Appalachian State University will be between the ages of 25 and 34. He randomly samples 50 undergraduate students from the student database. The proportion of undergraduates between the ages of 25 and 34 is 5.3%.

A grad student at NC state wants to know how likely it is that a group of students would be made up of more than 27% graduate students. She will randomly select 38 students and ask them if they are a graduate student or an undergraduate student. The population proportion of grad students at NC state is 26.6%.

A full-time student at Fayetteville State University wants to know how likely it is that a group of students would be made up of less than 70% full-time students. She will ask 30 people that she sees parking in the parking deck if they are full-time or part-time. The population of full-time students at Fayetteville State is known to be 72%.

29. LO.1, 3, 6 Terri, age 16, is a dependent of her parents in 2019. During the year, Terri earned $5,000 in interest income and $3,000 from part-time jobs. a. What is Terri’s taxable income? b. What is Terri’s net unearned income? c. What is Terri’s tax liability?

The following accounts were taken from the Adjusted Trial Balance columns of the end-of-period spreadsheet for April 30, for Finnegan Co.:

​

Prepare an income statement.

If you were working with a client with diabetes from a culture that values their elders, and the group or family as a whole, over the individual, how could you make your counseling culturally relevant to this client? Identify at least two specific things that you would do.

Share at least 2 short personal stories or give some quotes from individuals living with Schizophrenia. How does living with this disorder impact an individual? What should friends and family know? Response should be relevant in the UNITED STATES ONLY PLEASE.

t is hard for us to imagine ourselves as little children or what our life was like then (let alone remember). You might have to ask a parent and/or other relative for some of the answers. Feel free to include other relevant information or stories about yourself. As you reflect back or find out about your life as a young child, consider how those early days might have influenced your development. Use the following questions to write your reflection Where did your family live when you were a preschooler? Who was living in the house? Did you share a bedroom? With who? Did you have a bedtime routine? What was your favorite toy? Story? Movie? Game? How did you celebrate birthdays? Holidays? Did you vacation? Where to? Did your parents work outside of the home? Did you go to daycare/babysitter? Do you recall any specific event that happened to you or your family? Who were your friends? Were you healthy? Sick? What was your personality? What is your earliest memory??

1Early Childhood:

It is hard for us to imagine ourselves as little children or what our life was like then (let alone remember). You might have to ask a parent and/or other relative for some of the answers. Feel free to include other relevant information or stories about yourself. As you reflect back or find out about your life as a young child, consider how those early days might have influenced your development. Use the following questions to write your reflection Where did your family live when you were a preschooler? Who was living in the house? Did you share a bedroom? With who? Did you have a bedtime routine? What was your favorite toy? Story? Movie? Game? How did you celebrate birthdays? Holidays? Did you vacation? Where to? Did your parents work outside of the home? Did you go to daycare/babysitter? Do you recall any specific event that happened to you or your family? Who were your friends? Were you healthy? Sick? What was your personality? What is your earliest memory??

Skill sets for manufacturing workers are changing rapidly as manual labor is being replaced with employee-assisted manufacturing robots. Rather than hire new workers, a company chooses to invest in a skill-based pay plan that will tie pay increases to successfully learning new skills. The cost of the training system is significantly higher than anticipated, causing the company to limit access to training. The company decides to limit participation to workers who joined the company upon completing high school (age 18) and who have fewer than 15 years with the company. This decision excludes a large segment of the workforce who have substantially higher seniority, particularly those with more than 25 years of seniority.

Questions:

1. 5-9. What would you do? (Hint: Review the material in Chapter 2, Learning Objective 2-5.)

2. 5-10. What factor(s) in this ethical dilemma might influence a person to make a less-than-ethical decision?

Accounting careers involve much more than just counting things or creating financial statements. A career in accounting lets you use your analytical skills in a variety of ways to solve a diverse set of problems internally, within an organization, as well as externally. Some of you may have experienced an Internal Audit function, whereby internal auditors tested controls under your responsibility at work. Others may have experienced an audit of their personal income tax statement by the CRA.

For your initial posting, describe a job which requires a professional accountant to complete. State a few of the job responsibilities that would be required to complete the job and any professional designations which may be useful (eg., Chartered Professional Accountant (CPA), Certified Fraud Examiner (CFE), or Certified Internal Auditor (CIA) to name a few) for the position.

For your peer responses, think of a company (eg., public, private, non-for-profit, or government) who might hire someone with the job responsibilities outlined in the initial posting of at least two of your peers. Consider also who the stakeholders might be (eg., shareholder, creditor, or customer) who would benefit from a company filling this accounting position.