Destiny Childs is a 57 year-old, single, resident taxpayer. She has appointed you as her tax agent and
provided you with the following information for the 2018/19 tax year:
Net Business Income $ 42,000
Gross Wages (no PAYG tax withheld) $ 10,000
Assessable portion of Net Capital Gain $ 33,000
Net Loss from Rental Property ($ 22,000)
Reportable fringe benefits $ 7,000
Destiny does not have any dependants and was NOT covered by private hospital health insurance.
REQUIRED:
a) Who would you consult if you required advice and guidance to determine any
income tax related issues?
b) Using the Excel template provided by your firm, calculate Destiny’s net tax
payable or refundable for the 2018/19 tax year. Clearly show all workings for
each component of your calculation.