Internal Code – MAS1622
Scott Tracy is an Australian resident. He works full-time as a senior solicitor for Sedgman Consulting, a firm of engineering consultants based in Brisbane that deliver engineering, procurement and construction management services for large-scale construction projects.
Scott lives in a four-bedroom house in Norman Park with his wife of sixteen years, Emma, and their two children, Daniel, aged thirteen and Lauren, aged ten. Scott and Emma purchased this property in joint names in March 2007 and regard it as their main residence. Scott has various investments, including shares in listed Australian companies and a rental property which was bought during the current income year.
Last year, Scott utilised the services of a local tax agent in Morningside. However, he was dissatisfied with their service and has approached you to assist him in preparing his 2016 income tax return using Sage Handisoft’s HandiTax software program. Scott has supplied you with the following information relating to his personal income tax affairs for the year ended 30 June 2016. However, not being a tax expert, he is not certain whether everything he has supplied you with is necessarily assessable or deductible. Accordingly, he asks you to carefully go through each item in order to determine its assessability and deductibility. Needless to say, Scott wishes to minimise his 2016 taxable income wherever legally possible.
Prepare Scott Tracy’s 2016 income tax return using Sage Handisoft’s HandiTax software package in a group of 3 or 4
students from the same tutorial.
(i) Item 6 being the $9,680 costs incurred by Scott on 18 March 2016 in relation to replacing the retaining wall at the rental property caused by the two falling trees as a result of recent heavy rains and flooding.
(ii)Item 10 being the following three costs incurred by Scott in relation to attending the annual International engineering conference held by the International Engineers Association (IAE) in Chicago in October 2015:
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