Jake Smith is an Australian resident and, also, one of your clients. Jake has the following events during the year. During the entire 2018 income…

Jake Smith is an Australian resident and, also, one of your clients. Jake has the following

events during the year.

1. During the entire 2018 income year, Jake worked for MD & A Architects. Jake was

provided with his PAYG Payment Summary for the period 1 July 2017 to 30 June

2018. Gross salary was $86,000. PAYG tax withheld was $19,820.

2. Jake uses his car for work. Jake was reimbursed for 6,000 kilometers travelled during

the year at 75 cents per kilometer. PAYG withholding of $1,500 was deducted during

the year.

3. Jake earns interest of $100 during the year (gross). Jake did not provide the bank

with his tax file number.

4. Jake received an unfranked divided of $3,500 on 18 June 2018. Jake participated in

a dividend reinvestment scheme so that he received an additional 198 shares in the


5. Jake purchased 1,000 ANZ bank share on 1 March 2015 at $22 each. Brokerage costs

on purchase were $50. Jake sold 500 ANZ bank shares on 1 June 2018 for $24 each.

Brokerage costs on sale were $55.

6. On 12 May 2018, Jake sold his “cricket bat” collection. This consisted of 5 cricket bats

that were signed by famous people. The great “Sahin Tendulkar” has signed one of the

bats. Ricky pointing had signed one of the bats which was worth considerably less than

the bat signed by Tendulkar. Jake purchased the bats between 1999 and 2004 for a total

cost of $2,600. He sells the entire collection for $900.

7. Jake failed to keep a log book but wishes to claim his Mazda 3 motor car if possible.

Jake’s diary notes indicate he travelled 7,420 kilometers. Total car expenses including

depreciation is $6,200. He estimates (has a guess) that his business percentage is

95 percent. Jake does not have a second motor car.

8. Jake owns a mobile phone which he uses for work. His mobile telephone call costs for

the 2018 income year totalled $1,400. Jake estimates that 60% of these calls were work-related.

Jake failed to keep his receipts and can’t provide any material documentation.

9. On 1 May 2018, Jake paid the invoice which he received from his previous tax agent for

the preparation and lodgement of his income tax return for last year. The tax agent’s fee

was $400.

10. Jake is not married and does not have health cover.

Advise Jake as to the tax implications of each of these 10 items and the impact it will have on

his tax returns. Students should quote sections of law where appropriate.

In addition, students should calculate Taxable income only (showing brief workings).

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