2007 Basic Course Chapter 4 Question 5

Front page – postal address should be the PO box.

Filling out the I Form

Item number	Amount	Code	Notes and calculations
Income
1	13553 56234
2	328		168+160
9	2308
10	24
Total tax withheld	13553
Assessable income	56586
Deductions
D4	1963	K	See worksheet.
D5	768		503+85+(160 x 18/16)
Total deductions	2731
Taxable income	53855		Assessable income MINUS Total deductions
Tax offsets
Total tax offsets
Other

Tax calculation – not required.

Taxpayer's name Simon TEMPLAR
Taxable income 53855 Threshold 6000
Basic tax payable		Notes and calculations
Tax offsets
	MINUS total
	Subtotal	Must not be less than zero
Levies etc
Medicare levy
Medicare surcharge
HELP
SFSS
	PLUS total
Tax credits
TIDs (PAYG withholding)
Franking credits
TFN tax
Foreign tax credit
PAYG instalment credit
Private health ins offset
Baby bonus
Other
	MINUS total
balance payable or refund due		REFUND

NOTES

1] If you are claiming a car expense at D1 (see chapter 7), or a self education expense at D4, then you MUST explain, in clear English, the connection between the deduction and the taxpayer’s work. If you do not do so you will lose a lot of marks on the exam and, if you were to not do so when preparing an actual tax return, then the return would not be lodged until it had been corrected.

‘Work-related course’ or ‘deductible course’ or just ‘Yes’ are NOT explanations of the nexus.