Virginia Wolfe is an Australian resident taxpayer, is single and aged 38 years old. Virginia is employed full-time as a television news reporter by the Australian Broadcasting Commission (ABC Television). Virginia lives in Sydney and is based at ABC Television’s Sydney studios but often travels throughout regional New South Wales to report on news stories. She has also recently purchased a rental property that she intends to rent to tenants in the near future. In relation to her 2022 income tax return, Virginia is unsure of the income tax implications for a number of receipts and payments throughout the year and is seeking your professional advice.
In the form of a letter of advice (directed to Virginia) advise her of the income tax implications for the following receipts and payments relating to the year ended 30 June 2022. Calculation of taxable income is NOT required. Where relevant, support your advice with references to case law and sections of the Income Tax Assessment Acts.
1. In the 2022 year, Virginia was injured by a falling tree while reporting for ABC Television on the bushfires on the New South Wales south coast. Her workers compensation claim was finalised in December 2021 with a payment of $20,000. This amount was comprised as follows:
$10,000 for personal injury to her shoulder
$2,000 reimbursement for medical expenses she incurred in relation to the injury
$8,000 in lost wages while she was unable to work
2. $5,000 gift from her father after he recently sold his Sydney home.
3. Virginia was awarded a Walkley Award for Excellence in Journalism by the Walkley Foundation. The award also carried prize money of $7,500 cash. Virginia spent the prize money on a private holiday.
4. Virginia’s 2022 Payment Summary issued by ABC Television (her employer) showed an amount of $5,100 as a Reportable Fringe Benefit and $1,300 in Reportable Employer Superannuation Contributions.
5. $800 (AUD equivalent) net dividend paid into her Australian bank account from a United States company listed on the New York Stock Exchange. $200 (AUD equivalent) tax was deducted by the US company and forwarded to the US tax authorities in accordance with US taxation law.
1. Virginia is required to dress in appropriate business-style clothing when reporting on television and her employer insists, she wears a different set of clothing for each television appearance. Virginia has calculated that she has incurred $1,380 on purchasing conventional clothing to wear while reporting. Away from work, Virginia prefers to dress casually and has not worn any of the clothing privately.
2. Virginia recorded the following work-related travel in her private car:
4,520Km – travelling from her home to ABC Television’s Sydney Studios
4,500Km – travelling from her home to various towns in regional NSW to report on news
stories for the ABC.
1,000Km – travelling from the ABC’s Sydney Studios to the local University where is employed as a part-time lecturer in the University’s School of Journalism.
3. When travelling throughout regional NSW reporting for the ABC, Virginia will often stay overnight in accommodation in the towns she visits. ABC Television pays for the accommodation direct to the provider however Virginia must purchase her own meals. Virginia has recorded that she has spent $732 on meals while travelling away. No allowance or reimbursements for these costs is made by ABC Television.
4. During the 2022 year, Virginia purchased the following equipment that see uses in her employment:
1 November 2021 $2,250 Laptop Computer used 75% for business purposes
1 December 2021 $274 Portable voice recorder used 100% for business purposes
5. Rental Property expenses.
On 1 May 2022 Virginia purchased a residential property that she intends to rent to tenants in August 2022. In June 2022 she replaced the old kitchen in the house with a new kitchen at a cost of $17,000.
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