SQ1 (15 marks) Question 1 (15 marks) Corina is a single resident taxpayer of Australia who is 53 years old. As a senior engineer, she earned $140,000 in the 2019-20 financial year from which her employer has withheld $50,000 in PAYG withholding tax. From July to September 2019, Corina undertook a cooking class from the local TAFE as she wanted to start a new career as a restauranteur. She paid $3,250 for the class. In addition, Corina has a carried forward capital loss of $45,000 from previous tax periods (the capital loss is not from disposal of collectables). Corina paid $750 to a registered tax agent for the preparation of her income tax return, and she donated $2,000 to her sister's start up sports club. She is also a beneficiary from her family trust. For 2019-20 tax year she is presently entitled to a $25,000 net trust income, all of which was derived from the trust's capital gains after applying the 50% CGT discount. Corina has no private health insurance. Required: Calculate Corina's taxable income and tax payable/refundable for the 2019-20 income tax year. SQ1 (15 marks) Question 1 (15 marks) Corina is a single resident taxpayer of Australia who is 53 years old. As a senior engineer, she earned $140,000 in the 2019-20 financial year from which her employer has withheld $50,000 in PAYG withholding tax. From July to September 2019, Corina undertook a cooking class from the local TAFE as she wanted to start a new career as a restauranteur. She paid $3,250 for the class. In addition, Corina has a carried forward capital loss of $45,000 from previous tax periods (the capital loss is not from disposal of collectables). Corina paid $750 to a registered tax agent for the preparation of her income tax return, and she donated $2,000 to her sister's start up sports club. She is also a beneficiary from her family trust. For 2019-20 tax year she is presently entitled to a $25,000 net trust income, all of which was derived from the trust's capital gains after applying the 50% CGT discount. Corina has no private health insurance. Required: Calculate Corina's taxable income and tax payable/refundable for the 2019-20 income tax year