Question
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
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