Question 3 Mary contrary is an Australian tax resident and a full-time employee.

Question

Question 3 Mary contrary is an Australian tax resident and a full-time employee. She provides you with the following information for the year ended 30 June. (10 marks) Salary Superannuation contribution Made by employer Cash dividend received [fully franked] Share of trust income Loss on the sale of shares $40,000 $6,000 $3,500 $1,500 ($2,600) Expenses Donation-Royal Children's Hospital Education expenses ($150) ($2,500) *Education expenses: The taxpayer is employed as an assistant accountant and is completing a BCom degree part-time. On completing the degree it is expected the salary will rise to $47,500. The expenses are as follows:

Explanation / Answer

A) CALCULATION OF TAXABLE INCOME OF MARY CONTRARY

SALARY 40000

SUPERANNUATION CONTRIBUTION MADE BY EMPLOYER 6000

CASH DIVIDEND RECEIVED (FULLY FRANKED) 3500

SHARE OF TRUST INCOME 1500 TOTAL 51000

DEDUCTION :-

DONATION TO ROYAL CHILDRN'S HOSPITAL 150  

CASH DIVIDEND RECEIVED (FULLY FRANKED) 3500   TOTAL 3650

NET INCOME 47350

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