During the income year ended 30 June 2019/20 Nicholas, a resident, received salary and wages income of
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Question:
During the income year ended 30 June 2019/20 Nicholas, a resident, received salary and wages income of $35,000, interest income of $3,000, an exempt compensation payment of $23,000, commission income of $4,000, a Living Away from Home Allowance (LAFHA) of $20,000, an Overtime Allowance $2,000 and a rental loss of $9,000. Assuming that he has PAYG (W) of $6,000. Ignore tax offsets.
Required:
What is Nicholas tax payable / refund (Please show all workings)?
Related Book For
Financial Accounting and Reporting
ISBN: 978-0273744443
14th Edition
Authors: Barry Elliott, Jamie Elliott
Posted Date: