Reference no: EM132966323

Corina is a single resident taxpayer of Australia who is 53 years old. As a senior engineer, she earned $140,000 in the 2020-21 financial year from which her employer has withheld $50,000 in PAYG withholding tax. She also has $2,000 work-related deductions. From July to September 2020, Corina undertook an online cooking class from the local TAFE as she wanted to start a new career as a restauranteur. She paid $3,250 for the class.

• Corina is also a beneficiary of her family trust. She is presently entitled to trust income $25,000 (after a 50% CGT discount received by the trust). In addition, Corina has a carried forward capital loss of $45,000 from previous tax periods (the capital loss is not from disposal of collectables). Corina paid $750 to a registered tax agent for the preparation of her income tax return, and she donated $2,000 to her sister's start up sports club which is not a deductible gift recipient charity. For the 2020-21 income tax year, she also receives rental income of 36,000 from her investment property in Brisbane. The annual maintenance and interest costs for the property are $2,400 and $9,600 respectively.

• Corina does not have private health insurance.

Required:

Problem 1: Calculate Corina's taxable income and tax payable/refundable for the 2020-21 income tax year.