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Question 1 ? Tax Offsets and Obligations Gemma h...




Question 1 ? Tax Offsets and Obligations Gemma has a taxable income of $62,000 for the current tax year. She is 56 years old and is a sole parent to a dependent child attending secondary school. Her child has had substantial dental work in the current tax year. Gemma has no private health insurance. Outline the tax offsets Gemma might be entitled to claim for the year, and explain any special conditions that must be met to obtain these offsets. Explain any additional levies or tax Gemma may be required to pay, based on the information provided above. Question 2 Outline the issues to consider when deciding whether a receipt is income according to ordinary concepts.You should discuss relevant cases.Discuss, with reference to legislation or case law, whether the following are ordinary income in the hands of the recipient: 1.proceeds from the sale of trading stock (e.g. electrical appliance sold by a retailer) 2.a free overseas holiday received by a pharmacist from a drug manufacturer Must use Australia legislation Income Tax Assessment Act 1997


Paper#4504 | Written in 18-Jul-2015

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