Sally is a single 32-year-old Australian tax resident with no dependant. She is a marketing manager in
Question:
Sally is a single 32-year-old Australian tax resident with no dependant. She is a marketing manager in a media company and her annual salary for the 2021-2022 tax year is $95,000, for which $13,500 was deducted in PAYG withholding tax. Further, in earning her salary income, Sally has incurred work-related expenses totalled at $9,250. To meet work related challenges during the COVID-19 period, Sally had to attend a Virtual Media Training program that costed her $1,700. Sally also owns a rental property in Wollongong, earning $15,500 rental income in the current tax year. However, she paid $21,000 of interest
during the current tax year for the mortgage on this rental property, in addition to $5,000 to repair the bathroom floor. Sally also received $10,000 income as a silent partner in a family
partnership. Sally also donated $2,000 to the Smith Family, a registered Australian, independent non-profit children's charity. Finally, she sold one of her used dresses for $700. Sally has private health insurance cover for the current tax year.
Required:
Calculate Sally's taxable income and tax payable/refundable for 2021/2022 tax year.
• Sally's taxable income and tax payable for the 2021-2022 income tax year.
Auditing Assurance Services and Ethics in Australia an Integrated Approach
ISBN: 978-1442539365
9th edition
Authors: Alvin A Arens, Peter J. Best, Greg Shailer, Brenton Fiedler