Joe is 30 years old. She is single and has private health insurance with no dependents.  Joe also received $13,000 in cash dividends from her investment in BHP Billiton' s fully franked shares.  and a net rental income of $13,500 from her investment property.

 

Mary is 68 years old, has private health insurance and no dependents. She has an investment property income of $17,500 and an annual pension from a complying superannuation fund of $46,000 (a private super fund). The investment property incurred $5,000 in general expenses and $14,500 in interest expenses. 

 

Please note that the two partners are Australian tax residents. 

 

Required:       

For the tax year ended 30 June 2021:

1. Calculate the partnership net income    
2.  Calculate the distribution to each partner through the given table 

 

3. Calculate each partner's taxable income and tax payable (refundable) through the given table   

Answer rating: 100% (QA)

Okay here are the calculations 1 Partnership net income Joes rental income 13... View the full answer