Trial Question 1 Miya is 23 years old and studies the MPA degree at the University of New South Wales and her tuition fee for the current financial year is $11,000. For the 2019-20 income tax year, She also works full time as an opera singer at the Royal Opera Theatre of Sydney and earns $100,000 in wages, out of which her employer takes $17,500 in PAYG. She has $1,500 work-related expense deductions. In addition, she is a beneficiary of her family trust. She is presently entitled to turst income $10,000, all of which are from the trust's capital gains (after 50% CGT discount). She has carried forward capital loss from trust's capital gains (after 50% CGT discount). She has carried forward capital loss from prior period $10,000. In 2020 Jan, she sold bitcoin for $15,000, which she bought in Feb 2018 for $8,000. Miya also owns an investment property in Gold Coast, which was rented out for the year except December 2019 when Miya and her family stayed in the house for the entire month. The rental income from the property are $35,000. The annual maintenance and interest costs on the property are $7.200 and $3,600 respectively. For the tax year, she spent $1,400 on train tickets traveling from home to work. She paid $750 to her classmate at the MPA programme to help loge her income tax return. She also donated $1,000 to her neighbourhood community for the New Year's Party. She does not have private hospital insurance cover. Calculate Miya's tax liability for the 2019-20 income tax year. Trial Question 1 Miya is 23 years old and studies the MPA degree at the University of New South Wales and her tuition fee for the current financial year is $11,000. For the 2019-20 income tax year, She also works full time as an opera singer at the Royal Opera Theatre of Sydney and earns $100,000 in wages, out of which her employer takes $17,500 in PAYG. She has $1,500 work-related expense deductions. In addition, she is a beneficiary of her family trust. She is presently entitled to turst income $10,000, all of which are from the trust's capital gains (after 50% CGT discount). She has carried forward capital loss from trust's capital gains (after 50% CGT discount). She has carried forward capital loss from prior period $10,000. In 2020 Jan, she sold bitcoin for $15,000, which she bought in Feb 2018 for $8,000. Miya also owns an investment property in Gold Coast, which was rented out for the year except December 2019 when Miya and her family stayed in the house for the entire month. The rental income from the property are $35,000. The annual maintenance and interest costs on the property are $7.200 and $3,600 respectively. For the tax year, she spent $1,400 on train tickets traveling from home to work. She paid $750 to her classmate at the MPA programme to help loge her income tax return. She also donated $1,000 to her neighbourhood community for the New Year's Party. She does not have private hospital insurance cover. Calculate Miya's tax liability for the 2019-20 income tax year
