This scenario is based on thefollowing information:

Jo King, aged 58 provided the following information for the year ended 30 June 2023.

Table2 - Jo's receipts

Receipts	$
Net salary (PAYG tax withheld $14,100)	40,300
Tax refund from 2022 tax year	880
Unfranked Dividends	1,700
Fully franked dividends	5.600
Reportable Fringe benefits	5,00
Inheritance from his father's estate	200,000
Prize won from radio competition	200
Net bank interest (TFN tax withheld $1,692)	1,908
Proceeds from sale of share in XYZ Ltd (purchased in May 1987 for $13,000)	14,000
Rent received from overseas property	40,700

Note 1

For the current tax year Joe had allowable deductions of $4,100 relating to the rental property and $480 work related deductions.

Note 2

Jo is single and has no private medical insurance.

Calculate Jo' s taxable income for the 2023 financial year

Answer rating: 100% (QA)

To calculate Jos taxable income for the 2023 financial year we need to determine his total assessabl... View the full answer