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Assignment Task Mario Fractus is 28 years old and an Australian

Assignment Task                                                                                                                                             

Mario Fractus is 28 years old and an Australian resident for tax purposes.  Mario is single with no dependants and is employed as a Lecturer in the Business Faculty at the University of Newcastle, NSW and also operates a private consultancy business.  Details of Marios?s receipts and payments for the year ended 30 June 2016 are as follows (all amounts are exclusive of GST where applicable):


Gross Salary (University of Newcastle) note 1                                                             $85,240

Fully Franked Dividend received                                                                                                            $1,200

Unfranked Dividend received                                                                                                   $800

Gross Consultancy Business Income                                                                           $40,000

Gross Rental Income                                                                                                                  $10,400


Purchase of Toyota 4WD vehicle note 2                                                                          $61,500

Annual subscription Australian Accounting Teacher?s Society                          $700

Purchase office furniture note 2                                                                                             $2,200

Purchase computer  note 2                                                                                                        $8,900

Other business expenses (all deductible s8-1)                                                          $7,230

Operating (running) costs Toyota 4WD ? year total                                                $4,650

Expenses relating to the rental property (all deductible)                                              $17,100

Personal contribution to a superannuation fund note 3                                    $12,500

Other information:

Mario does not have private hospital cover.

At 30 June 2016 Mario had a HELP/(HECs) debt of  $12,300 relating to a History degree he completed for private purposes in 2013 at the University of NSW.  


  1. Mario?s payment summary from the University of Newcastle also showed the following details:

PAYG Deducted                                                                                                            $28,000

Reportable Fringe Benefits                                                                  $4,700

Reportable Employer Superannuation Contributions          $3,750

  1. The 4WD vehicle, office furniture and camera are used for Mario?s consultancy business and not for his employment at the University. The 4WD was acquired on 28 December 2015 and has an effective life of 8 years.  Mario has maintained a logbook which shows the vehicle is used 87% for business.  The computer and furniture were purchased on 1 February 2016 and are both used 100% for business.  The computer has an effective life of four years, the furniture an effective life of seven years. Mario elects to access any available ?small business taxpayer? concessions. Mario can substantiate all motor vehicle expenses and elects to use the log book method to claim the Toyota expenses.  
  2. The superannuation contribution of $12,500 was made from the business bank account on 20 June 2016 to a complying superannuation fund.


Calculate Mario?s taxable income and net tax payable/refundable for the year ended 30 June 2016.


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