Assignment Task: The following receipts and payments relate to Anna Canna, an Australian resident for tax purposes who is 46 years of age. Anna is an accountant who is single with no dependents. She resided in Cairns, Queensland for the full year ended 30 June 2019.
Receipts:
Gross Salary as per payment summary (note 1) $98,620
Unfranked dividends received - ASX listed company 1,250
Fully franked dividends received - ASX listed company 2,900
Net interest earned from a deposit with a Canadian bank (note 2) 1,800
Gross rent received 5,800
Payments
Expenses relating to the rental property (all deductible) 8,700
Purchase of the following assets for the rental property
1/10/18 Microwave Oven - $280 Effective Life 5 years
1/11/18 Hot Water System - $975 Effective Life 9 years
1/12/18 New Lounge - $2,400 Effective Life 5 years
Annual Subscription to Chartered Accountants Australia & New Zealand 1,450
Other deductible expenditure relating to Australian income 1,000
Notes:
1. The payment summary also showed $34,000 PAYG deducted, a Reportable Fringe Benefit amount of $4,500 and a Reportable Employer Superannuation Contribution amount of $3,300.
2. The Canadian government withheld $200 tax (Australian dollar - AUD equivalent) from the gross $2,000 interest earned from the Canadian bank.
3. Anna did not hold private health insurance cover during the year.
4. At 30 June 2019 Anna had an accumulated HELP (HECS) debt of $6,200
Required: Calculate the taxpayer's minimum taxable income and net tax payable/refundable for the year ended 30 June 2019. Show all workings. Referencing to the Income Tax Assessment Acts is not required.
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