Calculate Hoang’s taxable income for the 2018/19 tax year.
Hoang Nguyen, a resident taxpayer, had the following receipts and balances during the
2018/19 tax year. Ignore GST.
Receipts related to business as a plumber:
Receipts from debtors $ 172,000
Cash Sales 15,000
Volume rebates from suppliers 3,000
Insurance recovery for loss of income
(Hoang spent 2 weeks in hospital following a work accident) 7,000
Hoang also had the following balances relating to his business:
Debtors as at 30 June 2018 19,000
Debtors as at 30 June 2019 27,500
Receipts related to rental property in Brisbane:
Rent received from tenants during the year 12,000
Water rates recovered from tenants 600
Balances relating to rental property in Brisbane:
Rent received in advance as at 30 June 2018 1,300
Rent outstanding from tenants as at 30 June 2019 2,000
Tenant’s bond held by Rental Bond Board 1,200
Total deductions from business and rental property 132,000
PAYG tax instalments paid by Hoang during the year 21,000
Calculate Hoang’s taxable income for the 2018/19 tax year.
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