Alex is an Australian resident for tax purposes. She currently works as a financial advisor in Melbourne. Her total salary for the income year ended 30 June 2020 is $120,000, from which her employer withheld Pay As You Go (PAYG) income tax instalments totalling $34,217.00. Alex also has a share portfolio which has generated franked dividends of $7,000 and franking credits of $3,000. Alex took out a loan to purchase the shares and she incurred interest expenses of $5,000. What is Alex’s assessable income?

Alex is an Australian resident for tax purposes. She currently works as a financial advisor in Melbourne. Her total salary for the income year ended 30 June 2020 is $120,000, from which her employer withheld Pay As You Go (PAYG) income tax instalments totalling $34,217.00. Alex also has a share portfolio which has generated franked dividends of $7,000 and franking credits of $3,000. Alex took out a loan to purchase the shares and she incurred interest expenses of $5,000. What is Alex’s assessable income?

CONCEPTS IN FED.TAX.,2020-W/ACCESS

20th Edition

ISBN:9780357110362

Author:Murphy

Publisher:Murphy

Chapter4: Income Exclusions

Section: Chapter Questions

Problem 33P

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