Mary Myers is employed as a senior manager by Dupree Ltd, which sells a range of cosmetic products. Mary received a salary of $80,000 plus the following benefits for the year ending 30.06.20 ·A $100,000 loan at an interest rate of 5% per annum. This was provided on 1 April 2020. Mary used $60,000 of the loan to purchase shares in Telstra, while the remaining $40,000 was used to reduce the mortgage on her home.

Answer rating: 100% (QA)

The Taxable Income of Mary is 8987500 and it will be taxable at the applicable income tax rate FBT p... View the full answer