I drew down a salary of $500/week and Giulietta was paid casual wages of $4,000 helping out the business from time to time on a need’s basis. Of course, on both matters, I paid 9.5% Superannuation Guarantee on the relevant amounts. In addition, I received $1,000 interest from the trust in my loan account, which is fair because I set up the business settling the contribution to purchase the bus and original fit-out which was sourced from my inheritance papa had left me. The interest rate is very low and competitive - there has been no excessive benefit to me. Please provide the amount on taxable income and the law that applies, including reasons (common law/tax ruling).

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The federal individual income tax has seven tax rates ranging ... View the full answer