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Please use Australian tax, thank you Question 2 Alice is a lawyer working in the city full time and casual university lecturer. Her salary from
Please use Australian tax, thank you
Question 2 Alice is a lawyer working in the city full time and casual university lecturer. Her salary from the legal family is $100,000 per annum and her university salary is $45,000 per annum. She is single and had private health insurance from 01/09/2021. Alice pays $2,000 per annum for her legal membership. She also pays for her phone bill $60 per month. Her internet bill is $100 per month. She uses her 50% of her phone and internet for work. Alice has an investment property. Her rental income is $25,000 per annum and the total rental expenses is $16,000 per annum. Alice received $10,000 dividends on 15/05/2022. This was partially franked to 80%. Alice had $100,000 in her savings account for the whole financial year and the bank pays interest of 1% per annum. Alice loves knitting and knits for her family and friends, her family paid her $1,000 for the items she knitted them during the year. Alice uses her car to see her clients in her legal job. She bought the car on 01/01/2022 for $70,000 using a loan with interest of 10%. The car was fully funded by a loan. She had the following expenses in relation to the car Fuel $4,000 Rego \& insurance $2,000 Repairs $1,000 Alice travelled 15,000kms between 01/01/2022 to 30/06/2022. Of that 10,000kms was work related. She kept a log book for the required amount of time. Alice decided to sell her BHP shares on 30/06/2022. Alice bought 150 shares for $60 per share on 29/05/2018. She sold 150 shares for $80 per share. Alice also had 50 FMG shares which she bought for $50 per share on 01/04/2020 and sold them for $45 per share on 15/06/2022. Alice contributed $10,000 into super (concessional contributions) on 01/04/2022. She had done this herself on top of her employer contribution and applied for a tax deduction from her super fund. Alice has HECS debt of \$25,000 as at 30 June 2022. Calculate the tax payable by Alice on 30 June 2022Step by Step Solution
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