Calculate income tax liability

Jack married to Mary, no Children. Immigrate to Australia on 31 April 2016. Registered for Medicare. Jack has private health insurance for CIY (1/7/2016 - 30/30/2017), $500=00 excess.

Jack salary: $43500, PAYG: $3400 deducted

Jack purchased clothes for work: $12250

Jack purchased printer on 1/11/2016: $280 (2/3 time used for work, 1/3 time used for family), 3 years life for the printer

Jack is the senior partner of a company:

- Fees received totalled: $62,840,000

- Invoices issued: $83,536,000

- $280,000 from the previous year was received in the current year

- Retainer received CIY: $1,250,000

- Compensation payment for the business: $400,000 ($63,000 for business profit, $337,000 for repair)

Jack paid $25,000 CIY for college fees

Jack run a home office, 10% of the property, mortgage interest: $5000 per month

Company registered for GST, all amount above exclude GST

Jack use the prime cost method of depreciation

Mary salary $110,000

Jack received salary from his company: $95,000

Calculate Jack and Mary's income tax liability for CIY.

Tax rate

Resident individual rates 2016/17 Taxable income $ | Tax thereon $ | % on excess 18,200 37,000 87,000 180,000 Nil 3,572 19,822 54,232 (marginal rate) 19 32.5 37 47