Aussie Maths & Science Teachers: Save your time with SmarterEd
Mei buys a sedan with a market value of \(\$71\,800\).
Stamp duty is calculated on the vehicle as follows:
Calculate the amount of stamp duty payable by Mei. (2 marks)
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\(\$2690\)
\(\text{Stamp duty on first}\ \$45\,000=0.03\times 45\,000=\$1350\)
\(\text{Amount over}\ \$45\,000=71\,800-45\,000=\$26\,800\)
\(\text{Stamp duty on excess}=0.05\times 26\,800=\$1340\)
\(\therefore\ \text{Total stamp duty}=1350+1340=\$2690\)
A used car has a sale price of \(\$18\,600\). In addition to the sale price, the following costs are charged:
Tahlia borrows the total amount to be paid for the car, including transfer of registration and stamp duty. Simple interest at the rate of 7.2% per annum is charged on the loan. The loan is to be repaid in equal monthly repayments over 4 years.
Calculate Tahlia's monthly repayment, correct to the nearest cent. (5 marks)
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\(\$515.41\)
\(\text{Stamp duty}=\dfrac{18\,600}{100}\times 3=\$558\)
\(\text{Total borrowed}=18\,600+50+558=\$19\,208\)
\(\text{Interest}=Prn=19\,208\times 0.072\times 4=\$5531.904\)
\(\text{Total to repay}=19\,208+5531.904=\$24\,739.904\)
\(\therefore\ \text{Monthly repayment}=\dfrac{24\,739.904}{48}=515.4146…\approx \$515.41\)
At the end of the 2024-2025 financial year, Hannah had a gross annual salary of \(\$78\,500\). She had allowable tax deductions totalling $2,300 for work-related expenses.
\(\begin{array} {|l|l|}\hline \rule{0pt}{2.5ex}\text{ Taxable income}\rule[-1ex]{0pt}{0pt} & \text{ Tax payable}\\\hline \rule{0pt}{2.5ex}\text{\$0 – \$18 200}\rule[-1ex]{0pt}{0pt} & \text{Nil}\\\hline \rule{0pt}{2.5ex}\text{\$18 201 – \$45 000}\rule[-1ex]{0pt}{0pt} & \text{16 cents for each \$1 over \$18 200}\\\hline\rule{0pt}{2.5ex}\text{\$45 001 – \$135 000}\rule[-1ex]{0pt}{0pt} & \text{\$4288 plus 30 cents for each \$1 over \$45 000}\\\hline\rule{0pt}{2.5ex}\text{\$135 001 – \$190 000}\rule[-1ex]{0pt}{0pt} & \text{\$31 288 plus 37 cents for each \$1 over \$135 000}\\\hline\rule{0pt}{2.5ex}\text{\$190 001 and over}\rule[-1ex]{0pt}{0pt} & \text{\$51 638 plus 45 cents for each \$1 over \$190 000}\\\hline\end{array}\)
The Medicare levy is 2% of taxable income. During the year, Hannah paid $1,250 per month in Pay As You Go (PAYG) tax.
Determine whether Hannah will receive a tax refund or owe money to the Australian Taxation Office. Justify your answer with calculations. (4 marks)
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\(\text{Hannah owes}\ \$172\ \text{to the ATO.}\)
\(\text{Taxable income}=78\,500-2300=\$76\,200\)
| \(\text{Tax payable}\) | \(=4288+0.30\times (76\,200-45\,000)\) |
| \(=4288+0.30\times 31\,200\) | |
| \(=4288+9360\) | |
| \(=\$13\,648\) |
\(\text{Medicare levy}=0.02\times 76\,200=\$1524\)
\(\text{Total tax + Medicare}=13\,648+1524=\$15\,172\)
\(\text{Total PAYG paid}=1250\times 12=\$15\,000\)
\(\therefore\ \text{Hannah owes}\ \ 15\,172-15\,000=\$172\ \ \text{to the ATO.}\)
At the end of the 2024-2025 financial year, Priya's taxable income was $92 400.
\begin{array} {|l|l|}
\hline
\rule{0pt}{2.5ex}\text{ Taxable income}\rule[-1ex]{0pt}{0pt} & \text{ Tax payable}\\
\hline
\rule{0pt}{2.5ex}\text{\$0 – \$18 200}\rule[-1ex]{0pt}{0pt} & \text{Nil}\\
\hline
\rule{0pt}{2.5ex}\text{\$18 201 – \$45 000}\rule[-1ex]{0pt}{0pt} & \text{16 cents for each \$1 over \$18 200}\\
\hline
\rule{0pt}{2.5ex}\text{\$45 001 – \$135 000}\rule[-1ex]{0pt}{0pt} & \text{\$4288 plus 30 cents for each \$1 over \$45 000}\\
\hline
\rule{0pt}{2.5ex}\text{\$135 001 – \$190 000}\rule[-1ex]{0pt}{0pt} & \text{\$31 288 plus 37 cents for each \$1 over \$135 000}\\
\hline
\rule{0pt}{2.5ex}\text{\$190 001 and over}\rule[-1ex]{0pt}{0pt} & \text{\$51 638 plus 45 cents for each \$1 over \$190 000}\\
\hline
\end{array}
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a. \(\$18\,508\)
b. \(\$1848\)
a. \(\text{Calculate tax payable:}\)
| \(\text{Tax payable}\) | \(=4288+0.30\times (92\,400-45\,000)\) |
| \(=4288+0.30\times 47\,400\) | |
| \(=4288+14\,220\) | |
| \(=\$18\,508\) |
b. \(\text{Calculate Medicare levy:}\)
\(\text{Medicare levy}=0.02\times 92\,400=\$1848\)
The cost of an electrician's call-out fee is $260 plus 10% GST.
What is the total cost of the call-out, including GST?
\(D\)
\(\text{Total cost}=260\times 1.1=\$286.00\)
\(\Rightarrow D\)
Liam works at a cafe in Newcastle and earns $24 per hour. His hourly pay rate increases by 3%.
How much will he earn for a 5-hour shift with this increase?
\(D\)
\(\text{New hourly rate}=24\times 1.03=\$24.72\)
\(\therefore\ \text{Shift earnings}=24.72\times 5=\$123.60\)
\(\Rightarrow D\)