Dyson is a resident taxpayer aged 16. Dyson is currently engaged in full-time study at high school. During the 2018/19 tax year, Dyson received the following amounts:

Gross Wages from part-time employment at McDonald......................................$6,400
Interest from term deposit given to Dyson by his parents......................................850
Interest from bank account comprising savings from part-time wages...................25
Income distribution from deceased estate..............................................................3,700
Income distribution from family trust...................................................................10,000
Business income from mowing lawns from residents..........................................2,840

Required:

a. Calculate Dyson’s accepted assessable income for the 2018/19 tax year. At what rate is excepted assessable income taxed?

b. Calculate Dyson’s eligible assessable income for the 2018/19 tax year. At what rate is eligible assessable income taxed?

c. Is the calculation of a minor’s Medicare Levy affected by their eligible and excepted income?

d. Is the calculation of a minor’s low-income tax offset affected by their eligible and excepted income?

Answer rating: 100% (QA)

Required a Calculate Dysons accepted assessable income for the 201819 tax year At what rate is excep... View the full answer