Question 1 Total 15 marks Collin is a single resident taxpayer in Australia who is 52 years old with no private health insurance. He earned $180,000 in the 2019-20 financial year from which his employer has withheld $50,000 in PAYG tax. He paid $1,250 to a registered tax agent for the preparation of his income tax return, and he donated $5,000 to his sister's start up sports club. He is also a beneficiary from the Collins family trust. For the 2019-20 tax year he is presently entitled to a $25,000 net trust income which came from the trust's interest income. He also has a carried forward capital loss of $20,000 the 2018-2019 tax year (the capital loss is not from disposal of collectables). For the 2019-20 tax year, the only CGT event for Collin is the sale of an oil panting for $100,000. He received the artwork in June 2010 from his uncle as a birthday gift. At that time the market value of the painting was $60,000. Required: Calculate Collin's taxable income and tax payable/refundable for 2019-2020 tax year. 7 A B