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Principles of Taxation Law 2023 CHAPTER 3 – THE TAXATION FORMULA Question 3.1 What is the basic income tax payable for an Australian resident individual with taxable income for the 2022–23 income year of: (a) $15,000? (b) $50,000? (c) $150,000? (d) $300,000? Question 3.2 What is the basic income tax payable for a foreign resident individual with taxable Australian income for the 2022–23 income year of: (a) $15,000? (b) $50,000? (c) $150,000? (d) $300,000? Question 3.3 Calculate the Medicare levy payable (if any) for the year ending 30 June 2023 on the following amounts for a single Australian resident taxpayer who is not entitled to the seniors and pensioners tax offset (assume the same “threshold amount” and “phase-in limit” as for the 2021-22 income year): (a) $20,000 (b) $25,000 (c) $30,000 Question 3.4 Calculate the Medicare levy surcharge payable (if any) on the following taxable income amounts for a single Australian resident taxpayer who does not have private health insurance for the entire income year. (a) $50,000 (b) $100,000 Question 3.5 Following on from 3.4, calculate the Medicare levy surcharge payable if the individual had private health insurance for 100 days in the income year. 1 © 2023 Thomson Reuters (Professional) Australia Limited
Question 3.6 Jill is an Australian resident for tax purposes. She has assessable income of $500,000. She has deductions of $100,000 and franking credit tax offsets of $30,000. What is Jill’s tax payable for the 2022–23 income year? Question 3.7 Acme Pty Ltd has determined that its assessable income for the year is $789,000 and it has deductions of $300,000. What is Acme’s tax payable for the 2022–23 income year? Assume that Acme’s turnover is in excess of $50 million. Question 3.8 Linley is an Australian resident for income tax purposes. She has taxable income of $277,000. She has been provided with a receipt for an expense in the amount of $10,000. This expense will constitute a deduction. How much tax will Linley save for the 2022–23 income year as a result of the additional deduction? Question 3.9 Following on from 3.8, Linley has a HELP debt of $25,000. How much of the HELP debt would she be required to repay for the 2022–23 income year? 2 © 2023 Thomson Reuters (Professional) Australia Limited
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