ALL QUESTIONS NEEDS TO BE ANSWERED UNDER AUSTRALIAN TAXATION RULES 3. Returns an
ID: 2584968 • Letter: A
Question
ALL QUESTIONS NEEDS TO BE ANSWERED UNDER AUSTRALIAN TAXATION RULES
3. Returns and Assessments -Returns required for lodgement ine tollowing information relates to transactions during the 2015/16 tax year. - Graham and Hilary Yeomans, both Australian residents aged 40, derive net partnership income from their dry deaning business amounting to $30,000. Graham and Hilary do not use the services of a Registered Tax Agent for either their personal or business affairs. . Ian Roberts, a non-resident, received interest of $5,000 on an Australian nvestment. Withholding tax of $500 was deducted. Ian had no other Austrailan income or deductions during the year Jerome Holmes, an Australian resident aged 14, received fully franked dividends of $210. He had no other income or deductions and did not use the services of a . Registered Tax Agent. For each taxpayer state whether or not they are required to lodge an Income tax return for the 2015/16 tax year and if so, when the return must be lodged.Explanation / Answer
In the first case, Graham & Hilary are required to file there income tax return as they fall under second slab of income tax i.e. $18201-$37000 under which they have to pay income tax of 19 cents for every $1 over $18200 plus applicable medicare levy. Further they are required to lodge their tax return by 31 oct 2016 In this case, Ian roberts being a non resident is required to lodge tax return as he has to pay tax as per rates specified. i.e. 32.5 cents for every $1. Further he is required to lodge return by 31 oct 2016 Jerome holmes being under the age of 18 is not required to lodge an income tax return. however his legal gaurdian is required to lodge return on his behalf.
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