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QUESTION1.5 (Eligible andexcepted assessableincome) RodneyReelisaresidenttaxpayeraged16.Rodneyiscurrentlyengagedinfull-timestudyathighschool.Duringthe2021/22taxyear,Rodneyreceived the followingamounts: GrossWagesfrompart-timeemploymentatKFC 6400 Interestfromtermdeposit givento Rodney byhisparents 850 Interest frombankaccountcomprisingsavingsfrompart- timewages 25 Incomedistribution fromdeceased estate 3700 Income distributionfromfamilytrust 10000

QUESTION1.5(Eligible andexcepted assessableincome)

RodneyReelisaresidenttaxpayeraged16.Rodneyiscurrentlyengagedinfull-timestudyathighschool.Duringthe2021/22taxyear,Rodneyreceived the followingamounts:

GrossWagesfrompart-timeemploymentatKFC 6400

Interestfromtermdeposit givento Rodney byhisparents 850

Interest frombankaccountcomprisingsavingsfrompart- timewages 25

Incomedistribution fromdeceased estate 3700

Income distributionfromfamilytrust 10000

Businessincomederivedfrommowinglawnsforlocalresidents 2840

Required:

  1. CalculateRodney's exceptedassessableincome forthe2021/22 taxyear.
  2. Atwhatrateisexceptedassessableincometaxed?
  3. CalculateRodney'seligibleassessableincomeforthe2021/22taxyear.
  4. Atwhatrateiseligibleassessableincometaxed?
  5. Isthecalculationofaminor'sMedicareLevyaffectedbytheireligible

andexceptedincome?

  1. Isthecalculationofaminor'slowincometaxoffsetaffectedbytheireligibleandexceptedincome?

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