a. Calculate assessable income, including deemed income.
Chapter1: Financial Statements And Business Decisions
Section: Chapter Questions
Problem 1Q
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Transcribed Image Text:Rekha, a 75 year old widowed retiree wants to apply for a Centrelink payment. Over the past year, she has
gifted $50,000 of her savings to her family. She has an investment property, with a mortgage of $60,000
outstanding, and earns $15,000 per year in rental income. She also has a casual job, earning $36,000 per
year. She has an account-based super fund balance of $240,000. She owns her residential home which is
valued at $1.8 Million, and owns the following assets:
Asset
Managed Fund
Investment property
Share Portfolio
Bank Savings Account
Car
Pre-paid Funeral
Furniture
Jewellery
Total Asset Value
$20,000
$350,000
$19,000
$8,000
$28,000
$25,000
$18,000
$4,000
a. Calculate assessable income, including deemed income.
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