Question 3:

Conor is an Australian resident. He is a full-time high school student and is 17 years old and 114 days at 30 June 2022.

Conor derived the following amounts during the 2022 income year:

$

Gross wages earned working part-time at Woolworths

(includes PAYG withholding tax of $460 deducted) 8,420

Rental income derived from rental property left to him by his

late grandmother who passed away six years ago 5,440

Birthday money received from grandfather 250

Interest on ANZ bank account (account used for above items) 140

100% franked dividends received from Westpac Ltd shares (taxed at 30%).

The shares were bought for Conor by his older brother, Troy. Troy

has an arrangement that Conor pays him the amount of the dividends. 490

Required:

Calculate Conors taxable income for the year ended 30 June 2022 showing the eligible taxable income and excepted assessable income components of his income.

Based on your answer to part (i), calculate Conors tax payable for the year ended 30 June 2022.

Question 4:

Justin has been working as a journalist for The Brisbane Globe newspaper for the past 24 years. Justin was born in April 1957. As at the last day of this income year (ie 30 June 2022), Justin is 65 years of age.

On 9 December 2021, Justin resigned and received an employment termination payment (ETP) from his employer totalling $300,000.

Required:

Calculate the income tax payable (including the 2% Medicare Levy) that Justin will need to pay in respect of his $300,000 employment termination payment.