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Robyn maintains bank accounts at NAB and Suncorp, two Australian banks. Interest Robyn has earned on these accounts during the 2023 income year include: $
Robyn maintains bank accounts at NAB and Suncorp, two Australian banks. Interest Robyn has earned on these accounts during the 2023 income year include: $ Suncorp savings account (net of 47% TFN withholding tax see below) 212.00 NAB savings account (total gross interest received) 150.00 NAB term deposit (income year interest - see below) ? Robyn opened her Suncorp savings accounts on the 18 January 2016. When opening the bank account, Robyn forgot to take her tax file number (TFN) with her. She subsequently has not provided the bank with her tax file number. Accordingly, the bank has deducted 47% in TFN withholding tax in respect of interest paid on this account during the 2023 income year. The net remaining amount (representing 53% of the gross interest which was owing) was credited to her Suncorp savings account. Further, on 1 November 2022, Robyn invested $50,000 into a twelve-month term deposit earning 1.25% interest with NAB. Interest is to be credited on maturity i.e. 31 October 2023. what is her taxable income
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