Deepika tax-related Provisions and Practices in Australia Case Study - Accounting Assignment Help

Assignment Task

    
The individual assignment will assess students on the following learning outcomes, as listed below:
1. Identify the sources of taxation law and the framework in which taxation is administered 
2. Identify various types of taxation including income tax, consumption taxes, goods and services tax, taxes on capital and fringe benefits tax
3. Identify and apply the fundamentals of calculating the taxable income and tax payable for individuals and business entities 
4. Communicate knowledge of taxation law, through written and/or Oral communication, and be able to demonstrate critical thinking and legal analytical skills. 

Question
Deepika is your client. She wants to know about some tax-related provisions and practices. She asks some question what are the legal provisions related to Taxable Income, Medicare Levy, and Medicare Levy surcharge these questions based on legal provisions and practice. (5 marks) She needs to lodge his income tax for 2020/21. Calculate her Total Assessable Income, Taxable Income, Tax Liability, Student loan (HECS), Medicare Levy, and Medicare Levy Surcharge if applicable, for the taxpayer with the information below:
Deepika is a single and an Australian resident who plans to lodge tax for the tax year 2020 -2021

• Her total taxable income is $100,000 (Including tax withheld)
• She does not have private health insurance.
• Deepika has a student loan HECS outstanding for her previous study at Tasmania University of $43,000.
• Her employer pays superannuation guarantee charge of 9.5% on top of her salary to her nominated fund.
• Deepika earned a passive income of $6,000 from the investments in shares in the same tax year.

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