Answered step by step
Verified Expert Solution
Link Copied!

Question

1 Approved Answer

Calculate Total Assessable Income, Taxable Income, Tax Liability, Student loan (HECS), Medicare Levy, and Medicare Levy Surcharge if applicable, for the taxpayer (Susanne) with the

Calculate Total Assessable Income, Taxable Income, Tax Liability, Student loan (HECS), Medicare Levy, and Medicare Levy Surcharge if applicable, for the taxpayer (Susanne) with the information below:

Susanne is a single and an Australian resident plans to lodge a tax return for the tax year 2020 - 2021.

Her total taxable income is $90,000 (Including tax withheld).

She does not have private health insurance.

Susanne has a student loan HECS outstanding for her previous study at Sydney University of $53,000.

Her employer pays superannuation guarantee charge of 9.5% on top of her salary to her nominated fund.

Susanne earned a passive income of $10,000 from the investments in shares in the same tax year.

Please kindly give a detailed answer including the specific sections as per Australian Taxation Law.

Thanks

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_2

Step: 3

blur-text-image_3

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

Intermediate Accounting

Authors: Earl K. Stice, James D. Stice

18th edition

538479736, 978-1111534783, 1111534780, 978-0538479738

More Books

Students also viewed these Accounting questions

Question

Alcohol and drug use among student athletes

Answered: 1 week ago