Li earned a salary of $75,000 for the year ended 30 June 2018. She also received additional income and paid expenses as follows

: Fully franked dividends of $2,500 Un-franked dividends of $20,000

Net rental income of $9,000 Capital losses on sale of shares $8,000

Bank charges of $150 on her investment account where the dividends were banked

Tax agents fees of $500

Purchase of a raffle ticket for $100 from the Royal Childrens Hospital.

The prize was a motor vehicle

REQUIRED: Calculate Lis taxable income and tax payable including Medicare levy for the year ended 30 June 2018. State any assumptions that you make. Where possible questions should be answered with reference to legislation, case law and/or principles of tax law.