Question

The following information relates to transactions during the 2018/19 tax year.

• Graham and Hilary Yeomans, both Australian residents aged 40, derive net partnership income from their dry-cleaning 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 investment. Non-resident withholding tax of $500 was deducted. Ian had no other Australian 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 tax payer, state whether or not they are required to lodge an income tax return for the 2018/19 tax year and if so, when the return must be lodged.

Answer 1

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 2019
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 2019
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.