a. Calculate assessable income, including deemed income.

FINANCIAL ACCOUNTING
10th Edition
ISBN:9781259964947
Author:Libby
Publisher:Libby
Chapter1: Financial Statements And Business Decisions
Section: Chapter Questions
Problem 1Q
icon
Related questions
Question
100%
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.
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.
Expert Solution
steps

Step by step

Solved in 2 steps with 1 images

Blurred answer
Recommended textbooks for you
FINANCIAL ACCOUNTING
FINANCIAL ACCOUNTING
Accounting
ISBN:
9781259964947
Author:
Libby
Publisher:
MCG
Accounting
Accounting
Accounting
ISBN:
9781337272094
Author:
WARREN, Carl S., Reeve, James M., Duchac, Jonathan E.
Publisher:
Cengage Learning,
Accounting Information Systems
Accounting Information Systems
Accounting
ISBN:
9781337619202
Author:
Hall, James A.
Publisher:
Cengage Learning,
Horngren's Cost Accounting: A Managerial Emphasis…
Horngren's Cost Accounting: A Managerial Emphasis…
Accounting
ISBN:
9780134475585
Author:
Srikant M. Datar, Madhav V. Rajan
Publisher:
PEARSON
Intermediate Accounting
Intermediate Accounting
Accounting
ISBN:
9781259722660
Author:
J. David Spiceland, Mark W. Nelson, Wayne M Thomas
Publisher:
McGraw-Hill Education
Financial and Managerial Accounting
Financial and Managerial Accounting
Accounting
ISBN:
9781259726705
Author:
John J Wild, Ken W. Shaw, Barbara Chiappetta Fundamental Accounting Principles
Publisher:
McGraw-Hill Education