One of your client's Fred, provides you with his personal cash flow statement as follows:

	$
Cash in
Salary (after-tax)	110,000
Dividends received from managed fund	2,000
Cash out
Household expenses (food, electricity etc)	50,000
Mortgage repayments	34,000
Surplus cash flow	28,000

Based on the above, what is Fred's savings ratio?

25.5%

25.0%

14.5%

14.3%

Ignoring the Medicare Levy, the maximum marginal tax rate imposed on a minor's unearned income in Australia is:

		66%
		30%
		0% - minors are not subject to income tax
		the same as adult individual taxpayers