Assignment Task One-
Sabina is a 22 year old Singaporean citizen who is an aspiring Bollywood actress. She has previously appeared in several small scale Bollywood movies and is keen to further her career. On 1 February 2024, Sabina accepted a 9 month contract position with an Australian movie production company (AusMuvie Films) to star in a series of movies to be filmed in Australia, for export to the Indian market. The contract will involve Sabina performing primarily at the Australian company’s Adelaide studios with some short-term travel to film at various locations overseas. The contract with AusMuvie Films is for the period 1 April 2024 to 31 December 2024 with AusMuvie Films holding an option to extend for a further six months if both parties agree.
Sabina is single with no dependents. On arriving in Australia on a one-way ticket on 16 March 2024, she secured a 9 month lease on an apartment in Adelaide. While in Australia she will lease her fully furnished apartment in Singapore to friends. She also has a $62,000 term deposit with a Singaporean Bank and $40,000 invested in shares on the Singapore Stock Exchange. Her mother and father will store her personal possessions at their Singapore home.
Sabina is confident she can make a career as a professional Bollywood actor. If the contract with AusMuvie Films is not renewed in January 2025 she intends to seek employment with other movie production companies either in Australia or internationally, possibly in India.
Required:-
In the form of a professional correspondence (not exceeding 1000 words) advise Sabina whether at 30 June 2024 she will be classed as a resident of Australia for income tax purposes. Also advise Sabina how her income will be assessed given both scenarios of her being deemed a resident and a non-resident.
Calculations are not required. Ignore any consequences of the Double Tax Agreement between Australia and Singapore.
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Assignment Task Two
Mr Edw Dwyer is a 39 year old individual resident of Australia (Perth) for taxation purposes. He was employed as a High School Math Teacher for the full 2024 financial year. Edw is single with no dependants and did not have any private hospital cover. The following information relates to the year ended 30 June 2024:
Required
Calculate the taxpayer’s minimum taxable income and net tax payable/refundable for the year ended 30 June 2024. Show all workings. Referencing to the Income Tax Assessment acts is not required.
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