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Jessica is a resident for Australian tax purposes

Accounting Sep 03, 2020

Jessica is a resident for Australian tax purposes. Jessica's taxable income for the 2019/20 income year was $150000. What is Jessica's basic tax liability for the the 2019/20 tax year? Ignore any tax offsets or levies. A) 42,997 B $48,750 $55,500 D) $40,297 Question 2 1 Point Taxable income is calculated before Assessable income (A False B Sometimes true, sometimes false True D Only when the Prime Minister makes an order that taxable income must be calculated before Assessable income.
James is a former Australian now living in Spain, who for the current year is not a resident of Australia. Which of the following answers would be likely to be assessable to Australian taxation? A James wrote his autobiography while living in Australia prior to leaving for Spain and had an upfront fee from the publisher of $100,000 paid into his bank account. James entered into the contract in Spain with a UK resident publisher (B A dividend received in Spain from an American resident company whose only operation that produces profits involve mining and selling minerals in Australia. The main office of the company is based in Brisbane A fee for the advice James was asked to give a UK resident in relation to a number of tourist resorts that the company © intends to build in Australia . James gave the advice without leaving Spain and had the money paid directly into his Spanish account D The fund of money which was brought to Spain from Australia seven years ago

Expert Solution

1)

0-18200 0% 0
18201-37000 = 18800*19% 19% 3572
37000-90000 = 53000 * 32.5% 32.5% 17225
90000-150000 =60000 *37% 37% 22200
ANSWER -A   42997

2) Answer - A = false because taxable income is calculated diffrence between compnys assesable income or deductions means Taxable income = assessable income –deductions.

3) only Australian-sourced income is assesable so answer A = james wrote his biography while living in austrailia prior to leaving for spain.and had an upfront fee fromthe publisher od $100000paid into his bank account .

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