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Shane is an Australian resident for tax purposes. During the year he derived gross business income of $152,200 and had business deductions of $87,000 (PAYG
Shane is an Australian resident for tax purposes. During the year he derived gross business income of $152,200 and had business deductions of $87,000 (PAYG installments paid $15,100), $8600 interest from an overseas bank account, net of $3400 tax, and rent of $18,000 from a property in the UK which he owns, net of $6500 tax. He has adequate private health insurance.
Required:
For the year ended 30 June 2020, calculate Shane's:
a) Taxable Income
b) Net Tax Payable of refundable
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