Matt, an Australian resident, received the following income in the current year: 1 70% franked Australian dividend (company tax rate 30%) $12,000 2 Wages from working in Spain for 6 months as a chef for a Spanish restaurant (foreign tax of A$8,000 had been deducted) $33,000 3 Interest on a term deposit with a Swedish bank (10% withholding tax had been deducted) $3,600 4 Other Australian sourced income $24,000 What would Matt's assessable income be for the current year ended 30 June 2020? a. $86,103 O b. $82,143 ○ c. $80,600 d. $84,600 e. $80,960 Q W myhp X C zoom 7° ENG 2:41 PM 5/06/2021 £3 DRE

FINANCIAL ACCOUNTING
10th Edition
ISBN:9781259964947
Author:Libby
Publisher:Libby
Chapter1: Financial Statements And Business Decisions
Section: Chapter Questions
Problem 1Q
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Matt, an Australian resident, received the following income in the current year:
1
70% franked Australian dividend (company tax rate 30%)
$12,000
2
Wages from working in Spain for 6 months as a chef for a Spanish restaurant (foreign tax of A$8,000
had been deducted)
$33,000
3 Interest on a term deposit with a Swedish bank (10% withholding tax had been deducted)
$3,600
4
Other Australian sourced income
$24,000
What would Matt's assessable income be for the current year ended 30 June 2020?
a. $86,103
O b. $82,143
○ c. $80,600
d. $84,600
e. $80,960
Q
W
myhp
X
C
zoom
7°
ENG
2:41 PM
5/06/2021
£3
DRE
Transcribed Image Text:Matt, an Australian resident, received the following income in the current year: 1 70% franked Australian dividend (company tax rate 30%) $12,000 2 Wages from working in Spain for 6 months as a chef for a Spanish restaurant (foreign tax of A$8,000 had been deducted) $33,000 3 Interest on a term deposit with a Swedish bank (10% withholding tax had been deducted) $3,600 4 Other Australian sourced income $24,000 What would Matt's assessable income be for the current year ended 30 June 2020? a. $86,103 O b. $82,143 ○ c. $80,600 d. $84,600 e. $80,960 Q W myhp X C zoom 7° ENG 2:41 PM 5/06/2021 £3 DRE
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