QUESTION 2

Calculate Joans taxable income in respect of the 2020/21 tax year.

Joan derives income from investments, maintenance from her ex-husband Frank and receives .

Receipts during 2020/21 tax year

Jobkeeper	$ 19,355
Maintenance from ex-husband	19,410
Proceeds upon redemption of term deposit	21,035
(original sum invested in May 2020 was $20,000)
Proceeds from sale of shares in Brimson Group Ltd	8,350
(purchased for $6,590 in 2018) Proceeds from sale of No Good Holdings Ltd	3,410
(purchased for $5,120 in 2005/06)
Unfranked dividend from Brimson Group Ltd (net of $251 tax withheld for not supplying Tax File Number	289
Winnings from Powerball	7,340
Payments during 2020/21 tax year
Legal costs incurred to secure maintenance payment	$ 2,400
Education costs incurred on behalf of 9 year old son	600
Private health insurance	1,173
Medical costs incurred	1,955
Purchase of Powerball tickets	2,600