Lisa (aged 17) is an Australian tax resident and attending high school full time. During the 2023 tax year, Lisa had no deductions and received the following amounts:

1. Wages received from her weekend waitressing job: $20,000 ($1,800 PAYG withheld by her employer)
2. Bank interest received from her own savings account: $800
3. Unfranked dividend received from shares Lisa owns in Telstra Ltd: $10,000
4. Rental income received from an investment property owned by her parents: $15,000

Required: Calculate the tax payable or refundable by Lisa for the 2023 tax year. You must show calculations (including LITO and LAMITO offsets). Ignore Medicare.

Classify Lisa as a person:

Explain the type of income she can earn:

Calculation:

Step 1 Calculate Taxable Income

Taxable (Excepted) Income: = $_______

Taxable (Eligible) Income: = $_______

Step 2 Calculate BITL

Excepted Income taxed at ordinary rates: = $

Eligible Income taxed at Div 6AA rates: = $

Step 3 (Deduct offsets):

$______ less $____ (LITO) less $_____ (LAMITO) = $____

Step 4 (Deduct PAYG):

$______ less $____ (PAYG) = $_____

Result: $________ (payable or refundable?)