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Alberto Cortes is a single resident Australian taxpayer employed as a lecturer by Universal Training College. During the 2018 /19 tax year, Alberto also sold two properties and some shares.

His Payment Summary from Universal Training College (ABN: 12 345 678 901) showed the following for the year ended 30 June 2019:

Payment Summary
Gross Wages	$40,000
Performance Bonus	2,000
PAYG tax withheld	5,347
Union fees deducted and forwarded to Academics Federation	700
Alberto has also disclosed other amounts received during the 2018 /19 tax return:
Winnings from casino (Alberto won a jackpot at one of the card tables)	15,480
Proceeds from sale of rental property on Gold Coast	432,000
Proceeds from sale of shares in Golden Mining NL	9,340
Proceeds from sale of shares on Blackpitt Ltd	415
Proceeds from sale of holiday house in Nelson Bay	397,000
Proceeds from sale of artwork (partially destroyed during cleaning)	750
Interest on Commonwealth Bank account	150
The shares in Blackpitt Ltd were sold before any dividends for 2018 /19 were declared.
Golden Mining NL only paid one dividend which Alberto Received before selling his shares of $200 cash with a franking credit of $86.

 

 

Details Relating to Assets Sold:

· The rental property was originally purchased for $276,800 during 2007 /08.

· The purchase price of the rental property included eligible capital works from which a deduction of $19,400 had already been claimed by Alberto during the period held.

· The Golden Mining shares were purchased for $2,770 during 2008 /09.

· The Blackpitt shares were purchased for $4,075 during 2012 /13.

· The Holiday House was originally purchased for $428,000 in 2013 /14. Alberto has incurred a further $20,000 in building extensions

· The artwork classified as Collectable asset was originally purchased in 2015 /16 for $5,000.

 

Other Expenses:

· Alberto has kept an estimate that he has used his 1,500cc car for 3,200 work related kilometers. He has also estimated that the petrol used for this amounted to $480.

· Alberto has incurred a net rental loss of $2,090from his rental property for the 2018/19 tax year prior to selling it. This loss was made up $1000 in rental income, $3000 in mortgage interest and $90 in agent’s commission.

· Alberto uses a room in his home exclusively for work preparation. The room accounts for 25% of the floor space of his home. Alberto’s mortgage interest, rates and insurance for the tax year amounted to $27,590 while electricity used for the room was estimated at 10% of $1,800.

· Tax agent’s fee of $290 paid in August 2018 when last income tax return was prepared.

· Alberto made the following charitable donations during the year (receipts available): Queensland Cancer Fund $100, Doctors Without Border Pty Ltd $50. (Hint: Check Australian Business Registry to see which organization is registered as Deductible Gift Recipient)

· Alberto contributed to the Medibank Private Ltd Health Fund. The Policy Number is 2356578 and the policy type is ‘combination’. The Private Health Insurance Rebate has been claimed through the health fund.

 

Alberto’s personal details are as follows:

Address: 23 Nonesuch Street

Bracken Ridge Qld 4017

Telephone contact: 07 6543 2109

 

Tax File Number: 322 666 553

 

Date of Birth: 16/4/1968

 

Alberto requests his tax refund cheque, (if any), to be sent directly to his bank account by electronic transfer from the Tax Office. He advises his BSB No is 064999 and the account is in his name at the Commonwealth Bank – Account Number: 71234.