On1July2021,GiHun,aresidenttaxpayeraged31,travelledtoSouth Ioreawhereheworkedcontinuouslyfor9monthsasacharitable worker by a recognised non-government organisation aid worker before holidayingthroughoutAsiaforthreemonths. HederivedgrosswagesinSouthKoreaof$93,000,$13,000taxwas withheld. While
Question:
On 1 July 2021, Gi Hun, a resident taxpayeraged 31, travelledto South I orea where he worked continuously for 9 months as a charitable worker by a recognised non-government organisation aid worker before holidaying throughout Asia for three months.
He derived gross wages in South Korea of $93,000, $13,000tax was withheld.
While he was overseas, he leased out his home in Australia from which he derived a gross rental income of $25,000 and incurred rental deductions of $29,800, as his home was still heavily mortgaged.
Dan chose to not retain private health insurance while he was overseas. Calculate Gi Nun's taxable income for the 2021/22 tax year.
Calculate net tax payable by Gi Nun for the 2021/22tax year.
Expert Answer:
To calculate Gi Huns taxable income for the 202122 tax year and the net tax payable we need to consi... View the full answer
Management
ISBN: 9780730329534
6th Asia Pacific Edition
Authors: Schermerhorn, John, Davidson, Paul, Factor, Aharon, Woods, Peter, Simon, Alan, McBarron, Ellen
