Tom is a married 43-year-old data analyst. His wife, Anna, is a stay-at-home mom who works part-time and earns $20,000 per year, and this is her only income. They have two children aged 6 and 10 years old. Tom provides you with the following information for the 2022/23 financial year:

• Salary excluding Superannuation Guarantee Contribution: $125,000
• Annual gym membership fee: $1,400
• Cash from fully franked dividends: $1,200
• Cash from unfranked dividends: $1,500
• Capital losses carried forward from the previous financial year: $1,500.
• Sale of share investments (cost $26,000 in 2019): $33,000
• Subscription to data analytics journals: $800
• Laptop for work-related tasks: $500

Tom and Anna have private health insurance cover.

 

Question:

What is Tom's taxable income for the 2022/23 financial year, and how much income tax will Tom pay?

Answer rating: 100% (QA)

To work out Toms available pay for the 202223 monetary year and how much personal duty he will pay we want to think about different variables and derivations Here is a breakdown of the data gave 1 Pay ... View the full answer