Calculate the tax liability for Andre, a single tax resident, receiving $1,000 dividend (80% franked) from a large company, called Margin Pty Ltd, which uses imputation tax system and 30% corporate tax rate. Other income and expenses of Andre are as below: Employment income $ 63,013 (excluding 16,467 PAYG withholding) Allowable Deduction of $500 Consider Medicare Levy, Medicare Levy Surcharge (if applicable), and relevant offsets
Calculate the tax liability for Andre, a single tax resident, receiving $1,000 dividend (80% franked) from a large company, called Margin Pty Ltd, which uses imputation tax system and 30% corporate tax rate. Other income and expenses of Andre are as below: Employment income $ 63,013 (excluding 16,467 PAYG withholding) Allowable Deduction of $500 Consider Medicare Levy, Medicare Levy Surcharge (if applicable), and relevant offsets
Chapter1: Financial Statements And Business Decisions
Section: Chapter Questions
Problem 1Q
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Calculate the tax liability for Andre, a single tax resident, receiving $1,000 dividend (80% franked) from a large company, called Margin Pty Ltd, which uses imputation tax system and 30% corporate tax rate. Other income and expenses of Andre are as below:
- Employment income $ 63,013 (excluding 16,467 PAYG withholding)
- Allowable Deduction of $500
- Consider Medicare Levy, Medicare Levy Surcharge (if applicable), and relevant offsets.
(Tax year 2019/2020).
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