Question No 2 15 Marks

You are working as a staff at Accounting and Tax Services Pty Ltd Sydney. Sharine is your first client. She requires to lodge her income tax for 2021/22. She gave her annual income and deduction below. Calculate her Total Assessable Income, Taxable Income, Tax Liability, Medicare Levy and Medicare Levy Surcharge, if applicable, for the taxpayer (Sharine) with the information below:

Sharine is a resident single mom with one dependent daughter (3 years old) taxpayer of Australia for the tax year 2021-2022.

Her Taxable Salary earned is $111,000 (Including tax withheld), having no private health insurance.

She had a $13,000 deduction.

Sharine has a student loan outstanding for her study at Sydney University $47,000, an education loan.

Sharine s employer paid a superannuation guarantee charge of 10 % on top of her salary to her nominated fund.

Sharine earned a passive income of $15,000 from the investment income from her investment property in the same tax year.