Homework answers / question archive / Anushka (an Australian Tax resident) works as an employee for a child care centre, Brilliant Kids Pty Ltd, on a permanent part-time basis while she runs her business as a day carer for her own customers

Anushka (an Australian Tax resident) works as an employee for a child care centre, Brilliant Kids Pty Ltd, on a permanent part-time basis while she runs her business as a day carer for her own customers

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Anushka (an Australian Tax resident) works as an employee for a child care centre, Brilliant Kids Pty Ltd, on a permanent part-time basis while she runs her business as a day carer for her own customers. Meanwhile, she invested some of her extra cash in some shares on the ASX and in an Australian private company. Listed below is the summary of her earnings for the year ended 30 June 2020.
Particulars $
1. Net Salary Received from Brilliant Kids for the year
(Tax paid by company to ATO during the year is $29,000) 81,000
2. Net Business Profit as a sole trader (Day Carer) 30,000
3. Allowable Deductions on Employment (Uniforms, Laundry, Shoes) 5,000
4. Fully Franked Dividend 7,000
5. Unfranked Dividend from a private company 1,200


Required:
Calculate Anushka's taxable income and net tax payable (Ignore Medicare Levy and Medicare Levy Surcharge if any).

calculate :
Net Salary Received
Add Back Tax Paid
Net Business Profit
Fully Franked Dividend Add Back Franking Credit Unfranked Dividend Assessable Income (Allowable Deductions) Taxable Income
Tax Payable
Less Refundable Tax Offsets
PAYG Withholding
Franking Credits Net Tax Payable