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Anushka (an Australian Tax resident) works as an employee for a child care centre, Brilliant Kids Pty Ltd, on a permanent part-time basis while she

Anushka (an Australian Tax resident) works as an employee for a child care centre, Brilliant Kids Pty Ltd, on a permanent part-time basis while she runs her business as a day carer for her own customers. Meanwhile, she invested some of her extra cash in some shares on the ASX and in an Australian private company. Listed below is the summary of her earnings for the year ended 30 June 2020. Particulars $ Net Salary Received from Brilliant Kids for the year (Tax paid by company to ATO during the year is $29,000) 81,000 Net Business Profit as a sole trader (Day Carer) 30,000 Allowable Deductions on Employment (Uniforms, Laundry, Shoes) 5,000 Fully Franked Dividend 7,000 Unfranked Dividend from a private company 1,200 Calculate Anushkas taxable income and net tax payable (Ignore Medicare Levy and Medicare Levy Surcharge if any). (Please use the following table to complete your response to this question in the spaces provided) Particulars Answer Marks Net Salary Received 0.5 mark Add Back Tax Paid 0.5 mark Net Business Profit 0.5 mark Fully Franked Dividend 0.5 mark Add Back Franking Credit 1 mark Unfranked Dividend 0.5 mark Assessable Income 1 mark (Allowable Deductions) 0.5 mark Taxable Income 1 mark Tax Payable 2 marks Less Refundable Tax Offsets PAYG Withholding 0.5 mark Franking Credits 0.5 mark Net Tax Payable 1 mark Total Marks 10 marks

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