Many of Kirkwood & Voogt\'s clients use trusts as a structure to arrange their a

Question

Many of Kirkwood & Voogt's clients use trusts as a structure to arrange their affairs and this is a complex area of income tax law. During the 2017-2018 income year, Kirkwood & Voogt employed a specialist in the taxation of trusts. This employee was born in Australia. During the 2017-2018 income year, this employee received the following amounts from Kirkwood & Voogt Gross salary Allowance to meet continued professional development requirements of a professional body for tax specialists Reportable fringe benefits Reportable superannuation contributions $67,000 $6,500 $8,900 $2,808 During the 2017-2018 income year, PAYG of $14,500 was withheld and remitted to the ATO on behalf of the employee During the 2017-2018 income year, the employee incurred the following expenses $660 $1,020 Annual membership fee-professional body for tax specialists Annual tax update conference fee

Explanation / Answer

Gross salary ( 67000) + Allowance to meet continued professional development requirements of a professional body for tax specialists ( 6500) )+ Fringe benefits ( non taxable) + Superannuation contributions (non taxable)+ withheld PAYG ( non taxable as already remitted to ATO)

Less: Annual membership fee (660) + Annual tax update conference fee ( 1020)

= $ 71820

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