During the financial year Lorraine received the following amounts: (a) salary of $50,000; (b) winnings from horse race betting $60,000; (c) gifts of cash for her 50th birthday $1000; (d) proceeds from the sale of two paintings which Lorraine painted to pass time over the Christmas holidays $500; and (e) a rental property from which she received $250 per week for 52 weeks of the year. 

Required: Calculate Lorraine’s assessable income and tax payable (excluding the Medicare levy) for the year ended 30 June 2021.

Answer rating: 100% (QA)

Lorraines assessable income includes Salary 50000 Winnings from horse race betting 60000 Gifts of ca... View the full answer