MP223 Taxation Law Assessment - What is the compulsory

Assignment Detail:- MP223 Taxation Law Assessment Question 1- Taxation and Health in Australia a- In Australia, Medicare provides certain health services to Australian citizens and residents- To pay for the Medicare system, the Australian Taxation Office imposes a Medicare Levy on certain people- In this regard, please answer the following questions: What is the rate of the Medicare Levy???? How is the Medicare Levy calculated???? Explain the Medicare Levy Exemption- Explain the Medicare Levy Reduction for Low-Income Earners- b- A Medicare Levy Surcharge is payable by some people in Australia- Please explain who is liable to pay the Medicare Levy Surcharge- c- Certain rates and thresholds are relevant for the calculation of the Medicare Levy Surcharge - Please complete the below table with the relevant information for the Medicare Levy Surcharge income thresholds and rates for the 2021-2022 income tax year- d- Maria is 35 years old- She is single with no dependents- In the 2020-2021 income year, Maria does not have any private patient hospital cover- Maria's taxable income for the 2020-2021 income year is $90,000- When Maria completes her 2020-2021 income tax return, she also completes the income test section and declares total reportable fringe benefits of $27,000- Maria's income for Medicare Levy Surcharge purposes is $117,000 -i-e-$90,000 taxable income and $27,000 total reportable fringe benefits-- Please calculate Maria's Medicare Levy Surcharge for the 2020-2021 income year- Question 2- Income Tax a- Name the two principal Commonwealth statutes that govern personal income tax in Australia- b- What is meant by the term ‘assessable income'???? c- Provide at least four -4- examples of ‘assessable income'- d- What is not considered to be ‘assessable income'???? e- Provide at least two -2- examples on income that is not ‘assessable income'- f- Please complete the below table in relation to the personal income tax rates applicable to Australian residents in the 2021-2022 income tax year- Please note that rates do not include the Medicare Levy- g- Tax offsets, also known as rebates, directly reduce the amount of tax payable by an individual taxpayer- They are applied after the tax has been calculated- Provide at least two -2- examples of common tax offsets- h- Please complete the below table in relation to the company income tax rates applicable to Australian companies in the 2021-2022 income tax year- Question 3- PAYG Withholding and Superannuation a- Explain the superannuation system in Australia- b- What is the compulsory percentage of an employee's earnings that an employer must pay into the employee's superannuation account from 1 July 2021???? c- Explain the PAYG withholding system in Australia- d- Explain the Single Touch Payroll -STP- system- Question 4- Fringe Benefits Tax and Salary Sacrifice a- Explain the meaning of ‘salary sacrifice'- What is the benefit for an employee in being involved in a salary sacrifice arrangement???? b- What types of employee benefits may be included a salary sacrifice arrangement???? c- What are the implications of salary sacrifice arrangements on employers???? d- Explain how fringe benefits tax is calculated in Australia- Attachment:- Taxation Law-rar

Most Recent Questions


Helping Students for Excellence in Academics, GET Help with Assignment? Order Now