Roslyn Hodges is a 35-year-old resident of Australia for income tax…

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Question Answered step-by-step Roslyn Hodges is a 35-year-old resident of Australia for income tax… Roslyn Hodges is a 35-year-old resident of Australia for income tax purposes. Roslyn is married to Peter (34-years-old) and they have two dependent children together Taj (7 years old) and Zac (3 years old). Taj is in Year 2 at primary school however Zac is not yet school-age and stays home with Peter. Peter’s Adjusted Taxable Income for the 2022 financial year was $10,500.  Roslyn and Peter have been living in Sydney for several years however they wish to return to Byron Bay, NSW to be close to their extended families. Roslyn had been looking for work in Byron Bay and has secured a position which commenced on 1 December 2021. During November 2021, they packed up and moved from Sydney to Byron Bay.Details relating to Roslyn’s income and expenses for the year ended 30 June 2022 are as follows: ReceiptsGross Salary as per PAYG payment summaries (note 1)                           110,500Franked dividends received from an ASX listed company                         2,700Unfranked dividends received from an ASX listed company                     580Gross rental income received on rental property                                    24,500Net Interest received from a UK bank (note 2)                                        600 Payments Deductible expenses and interest on the rental property (note 3)            26,300             05/08/2021 – Purchase and installation of a new air conditioner for             the rental property. It has an effective life of 15 years (note 3)                2,825                  03/09/2021 – Purchase and installation of new ceiling fans for the             rental property. They have an effective life of 5 years (note 3)                780 05/01/2022 – Purchase of a computer used 50% for employment and 50% for personal purposes. It has an effective life of 3 years             1,950                         05/01/2022 – Purchase of a calculator used 100% for employment            Purposes. It has an effective life of 4 years                                             60                         25/11/2021 – Removal and relocation costs to Byron Bay                        3,300                         20/11/2021 – Purchase of Blundstone boots (non-protective) for             Roslyn to wear at the new job                                                               595                                   Other information:At 30 June 2022, Roslyn had an accumulated HELP (HECS) debt of $6,300.Roslyn did not have any private hospital cover for herself or the family. Roslyn contributed $4,000 to a complying superannuation fund on Peters’s behalf (as a spouse contribution) on 25 June 2022. This fund owns a life insurance policy which they would like to retain.  Notes:The PAYG payment summaries also showed $27,900 PAYG deducted, a Reportable Fringe Benefit amount of $2,500 and a Reportable Employer Superannuation Contribution amount of $2,600. Amount shown in Australian dollar equivalent (AUD).  $120 AUD withholding tax was deducted by the UK institution from the gross interest earned.Assume the amount of $26,300 is deductible in relation to s 8-1 deductions of loan interest, insurance costs and property management fees. Roslyn had acquired the rental property on 15 May 2020 for $560,000. As the building was constructed in August 2005, Roslyn obtained a quantity surveyors report which estimated the building costs for capital works purposes at $202,000.  At the time Roslyn purchased the property, she also paid a total of $1,250 for borrowing costs in relation to a 25-year mortgage used solely to purchase the property. The property was first rented on 1 June 2020 and has been tenanted ever since. Apart from the new air conditioner and ceiling fans, there are no other new depreciable assets related to the rental property. Roslyn also used her privately owned Mazda motor vehicle for business purposes.  Debra purchased the vehicle in August 2021 at a cost of $25,000. Roslyn shows records that she travelled 4,000 km for business purposes during the 2022 year however she has not maintained a logbook.  RequiredCalculate Roslyn’s taxable income and net tax payable/refundable for the year ended 30 June 2022.  Adopt any elections that will minimize her tax payable. Show all workings.  Section referencing of the ITAA 1936 and ITAA 1997 is not required, however a list of other references used to answer the question should be included.  Law Social Science Tax law ACFI 3004 Share QuestionEmailCopy link Comments (0)

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