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Allison Miles, aged 17 years, currently lives at home with her mother. While studying for her final year at high school she worked part-time
Allison Miles, aged 17 years, currently lives at home with her mother. While studying for her final year at high school she worked part-time in a retail shop for 15 hours a week and conducted catalogue deliveries three times a week. During the year ended 30 June 2021, Allison's Income were as follows: Wages from working at the retail shop $15,000 Interest from bank account $700 (Allison's uncle established a bank account with a balance of $19,000 in 2019/20 financial year in Allison's name). Allison's grandfather who is still alive and is the trustee of the Miles Family discretionary trust, distributed $11,000 to assist Allison's school and living expenses during the 2020/21 income tax year." Interest from Allison's other bank account in which she has banked her receipts from her employment activities $140 Required (20 marks) Based on the above information, explain tax consequences for Allison. Clearly list the sections of the ITAA and tax rate applicable to each amount. Determine the taxable income for Allison Miles for the 2020/21 tax year and calculate her tax payable/refundable excluding any Medicare levy
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