Jack Beanstalk is an accountant for a large bean farming company located in Perth and over a number of years has managed to create an investment…

Loss of earnings

$8,000

What you should do to prepare for the online test

a)  Calculate Jack’s taxable income and his net tax payable including Medicare for the current year.

b)  Provide the legislative references from the Income Tax Assessment Act 1997 and 1936 for each of the items that make up Jack’s taxable income

c)  Provide reasons for the exclusion of income with legislative references from the Income Tax Assessment Act 1997 and 1936