In the 2020/2021 financial year, Jamie derived total income of $82,000, of which $7,000 was exempt income. Jamie also incurred allowable deductions of $10,000. What is Jamie's assessable income?

a) $82,000b) $89,000c) $75,000d) $65,000

Question 2

If a taxpayer has taxable income of $43,000, the Low-Income Tax Offset (LITO) and the Low and Medium Income Tax Offset (LMITO) available would be:

a) $425.00 for LITO; $630.00 for LMITOb) $425.00 for LITO; $705.00 for LMITOc) $475.00 for LITO; $705.00 for LMITOd) $475.00 for LITO; $630.00 for LMITO