solved: Debra Morgan is a 35-year-old resident of Australia for income tax…

  

Debra Morgan is a 35-year-old resident of Australia for income tax…Debra Morgan is a 35-year-old resident of Australia for income tax purposes.  Debra is married to Ralf (34-years-old) and they have two dependent children together Mathew (7 years old) and Mark (3 years old). Matthew is in Year 2 at primary school however Mark is not yet school-age and stays home with Ralf. Ralf’s Adjusted Taxable Income for the 2022 financial year was $10,500. Debra and Ralf have been living in Newcastle for several years however they have been eager to return to Broken Hill, NSW to be close to their extended families. Debra had been looking for work in Broken Hill and has secured a position which commenced on 1 December 2021. During November 2021, they packed up and moved from Newcastle to Broken Hill.Details relating to Debra’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)                                        600Payments 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 Broken Hill                       3,300                         20/11/2021 – Purchase of RM Williams boots (non-protective) for             Debra to wear at the new job                                                                595                                   Other information:At 30 June 2022, Debra had an accumulated HELP (HECS) debt of $6,300.Debra did not have any private hospital cover for herself or the family. Debra contributed $4,000 to a complying superannuation fund on Ralf’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. Debra had acquired the rental property on 15 May 2020 for $560,000. As the building was constructed in August 2005, Debra obtained a quantity surveyors report which estimated the building costs for capital works purposes at $202,000.  At the time Debra 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. Debra also used her privately owned Toyota motor vehicle for business purposes.  Debra purchased the vehicle in August 2021 at a cost of $25,000. Debra shows records that she travelled 4,000 km for business purposes during the 2022 year however she has not maintained a logbook.  RequiredCalculate Debra’s taxable income and net tax payable/refundable for the year ended 30 June 2022.   LawSocial ScienceTax law ACFI 3004

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