Answered step by step
Verified Expert Solution
Link Copied!

Question

1 Approved Answer

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.

Step by Step Solution

There are 3 Steps involved in it

Step: 1

blur-text-image

Get Instant Access to Expert-Tailored Solutions

See step-by-step solutions with expert insights and AI powered tools for academic success

Step: 2

blur-text-image

Step: 3

blur-text-image

Ace Your Homework with AI

Get the answers you need in no time with our AI-driven, step-by-step assistance

Get Started

Recommended Textbook for

Construction Industry IRS Audit Techniques Guide

Authors: Internal Revenue Service

1st Edition

1304131920, 978-1304131928

More Books

Students also viewed these Accounting questions