Larisa Evans has the following amounts of income for the year ended 30 June 2020. She is
Fantastic news! We've Found the answer you've been seeking!
Question:
Larisa Evans has the following amounts of income for the year ended 30 June 2020. She is a resident Australian employee.
- $42,000 salary and wages from sources in Australia;
- A commission of $5,000 from her employer paid on 5 July 2020
- Net interest of $450 from a UK bank account (10% withholding tax has been deducted)
- Gross interest of $1000 from an Australian bank account. Larisa did not notify the bank of her tax file number, so TFN tax of $470 was withheld by the bank at the top tax rate plus Medicare levy.
Calculate Larisa's assessable income for the year ending 30 June 2020. Calculate the tax payable including Medicare levy.
Related Book For
Financial Accounting and Reporting
ISBN: 978-0273744443
14th Edition
Authors: Barry Elliott, Jamie Elliott
Posted Date: