Question

Calculate this tax return:

Yearly salary was $930, 000 from his work, his sports company has withheld PAYG tax instalments of $350, 000.
He supplies you with the following information:
• He rents a house, near to Albert Park to make it convenient to get to training, and pay $5000 a month in rent.
• He also owns an investment property in Australia, from which he receives $3, 000 a month in rent. He borrowed $2m to buy the property, and pays $4, 000 a month in interest on the loan. He also pays a real estate $10,000 a year to manage the property.
• He donates $10,000 per year to the salvation army
• He received $100,000 for having his image used on advertisements.
• He pays his sports manager a fee of $50,000 per year.
• He owned shares in the Afterpay, and received $13,500 in dividend payments.
• As his registered accountant you charge $3000 in tax administration fees.
• Outside of club treatment, he employs a private physiotherapy to aid in his post-match recovery and preparation for the next match, costing him $15,000 per year.

Answer 1

Answer:

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Tax return

Total money spent by the person:

$5000(buy a house)(gives)

$3000(from house)(takes)

$10,000(donate)(gives)

$100,000(from advertisement)(takes)

$50,000(fee of sport manager)(gives)

$13,500(shares)(takes)

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Answer 2

Answer:

Total money spent by the person:

$5000(buy a house)(gives)

$3000(from house)(takes)

$10,000(donate)(gives)

$100,000(from advertisement)(takes)

$50,000(fee of sport manager)(gives)

$13,500(shares)(takes)