Completed quickly and followed instructions given. Grammar, spelling, etc. was all good as well. Thank you so much! Will hire in the future.
a) Calculate the net tax payable/refundable for the current year for both Millie and Mark and briefly (one line or sentence) justify any inclusions other than their salaries.
b) Identify a method by which Millie and/or Mark could decrease their assessable income from Millmark Pty Ltd but not impact on the total amount they receive from the company
2. Due to the expansion of the business Millie and Mark are wondering whether they can get their youngest child, Martin, who is a full time student, to carry out some minor administrative work for at Millmark Pty Ltd as a personal assistant for two hours a week. Millmark Pty Ltd would hire Martin on a casual basis and would like to pay him $300/hr or $600/wk. This would reduce the companys taxable income and, in Martins hands, the income would attract very little, if any, tax.
a) Broadly outline the issues in this proposal and advise Millie and Mark.
b) Would you answer in part a) above be any different if the payment to their son was made directly by either Millie or Mark instead of Millmark Pty Ltd?
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