Answered step by step
Verified Expert Solution
Link Copied!

Question

1 Approved Answer

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%

Step by Step Solution

There are 3 Steps involved in it

Step: 1

blur-text-image

Get Instant Access to Expert-Tailored Solutions

See step-by-step solutions with expert insights and AI powered tools for academic success

Step: 2

blur-text-image

Step: 3

blur-text-image

Ace Your Homework with AI

Get the answers you need in no time with our AI-driven, step-by-step assistance

Get Started

Recommended Textbook for

Sound Investing, Chapter 11 - Crafty Comprehensive Income

Authors: Kate Mooney

1st Edition

0071719334, 9780071719339

More Books

Students also viewed these Accounting questions

Question

What is meant by formal organisation ?

Answered: 1 week ago

Question

What is meant by staff authority ?

Answered: 1 week ago

Question

Discuss the various types of policies ?

Answered: 1 week ago

Question

Briefly explain the various types of leadership ?

Answered: 1 week ago

Question

Understand the basic theories and concepts of OD

Answered: 1 week ago