Question
Mark is an Australian tax resident who is employed as a sales manager. He is 42 years old and is married with two children. Mark
Mark is an Australian tax resident who is employed as a sales manager. He is 42 years old and is married with two children. Mark has the following details for the year ended 30 June 2020.
Gross salary (Mark's employer withheld $72,300 PAYG withholding) | $175,000 |
Work-related deductible expenses | $416 |
Reportable fringe benefits | $4,500 |
Rent received from investment property | $19,500 |
Deductible rental property expenses | $23,500 |
Unfranked cash dividend | $1,300 |
HELP debt | $21,250 |
Assessable income, taxable income and surchargeable income for Mark's wife (46 years old) for the year was $11,200. Mark's wife did not have any deductions. | $11,200 |
Mark and his wife do not have private health insurance.
Required: Calculate Mark’s taxable income and his tax payable to the ATO (or refund).
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Income Tax Fundamentals 2013
Authors: Gerald E. Whittenburg, Martha Altus Buller, Steven L Gill
31st Edition
1111972516, 978-1285586618, 1285586611, 978-1285613109, 978-1111972516
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