Amelia is 28 and an Australian resident, who is single and employed as an engineer at an engineering firm in the city. During the 2020/21 income year, she earned salary of $150,000 from which her employer withheld PAYG of $45,000. She also had a residential investment property and received rent of $25,000 from her residential investment property and had to pay $10,000 in interest expenses for her investment property. She received a $14,000 dividend from a company she held shares in which had $6,000 of franking credits allocated to it. She also sold some shares and made a net capital gain during the year of $15,000, and was presently entitled to $8,000 of the income of a family trust she was a beneficiary of. During the year Amelia spent $5,000 attending professional development seminars, $750 for fees charged by her accountant to prepare her previous year’s tax return, and calculated $2,000 for suits she wore to work. Amelia had private health insurance cover for the whole income year and claims the private health insurance offset directly from her insurer by way of a reduction in the insurance premium. She also has an outstanding HELP debt of $50,000.

Part A Calculate Amelia's income tax liability.  

Part B What is Amelia's remaining HELP debt amount.

Answer rating: 100% (QA)

Year 202021 Amelia income Salary 150000 PAYG S 45000 from the sa... View the full answer