Question
Australian Tax Kelly is a single resident taxpayer in Australia who is 38 years old with no private health insurance and no dependants. For 2019-20
Australian Tax
Kelly is a single resident taxpayer in Australia who is 38 years old with no private health insurance and no dependants. For 2019-20 income tax year, she earned $65,000 in salary from her Australian employer. She had $25,500 deducted in PAYG withholding tax and received a fully franked dividend of $3,500 from investments in the shares of Woolworths, an Australian listed company. She also received net rental income of $60,000 from a rental property in Gold Coast. The annual maintenance and interest charges on the property is $36,000. While Kelly and her family stayed in the property for the entire December 2019 during Christmas holidays, the property was available for rent for the rest of the income tax year.
Required:
Calculate Kellys taxable income and tax payable/refundable for 2019-2020 income tax year.
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