Question
Minita is a Registered Nurse working in a hospital and also has some business activities. She needs to file her income tax for the year
Minita is a Registered Nurse working in a hospital and also has some business activities. She needs to file her income tax for the year 2023/24. Below are the details she provided:
• Minita is a single mom and a resident taxpayer of Australia. She has one dependent child who is 9 years old.
• Her taxable salary for the year is $104,000, which includes tax already withheld. She doesn't have private health insurance.
• She incurred the following expenses:
- $300 for her nursing uniform
- $550 for protective clothing for COVID-19
- $950 for her Nursing Membership
- $300 for Nursing License renewal
- $3,700 for capacity development in her nursing career
- $1,200 for her party clothes
- Minita has a student loan outstanding from her previous studies at Sunshine Coast University, amounting to $49,000.
• Her employer contributes a superannuation guarantee charge of 12% on top of her salary to her nominated fund.
• Minita has passive income of $9,000 from investments in shares during the tax year.
Calculate Minita's Total Assessable Income, Taxable Income, Total Tax Liability (including Medicare Levy and Medicare Levy Surcharge and other liabilities if applicable).
Total Assessable Income 1 %
Deduction 1.5%
Total Taxable Income 1 %
Income tax rates and calculation 2%
HELP repayment amount 1.5 %
Medicare Levy 1.5 %
Medicare Levy Surcharge 1.5 %
Total Tax Liability 3 %
Net Tax Liability (Total Tax Liability less any applicable tax offset if any) 2 %
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