Calculate graças dividend imputation

Reference no: EM133538257

Case: You have been approached by a new client in Australia, Ms Graça Machel to prepare her income tax return for the 2022/2023 financial year. At the interview, Graça provides you with the following information to assist with the completion of her tax return:

Details Amount ($)

Gross Salary 57,500

Franked dividends 2,300

Union fees 600

Work related stationery expense. 80

Professional subscriptions 130

Telephone expense 280

Notes:

a) Graça has calculated that 30% of the telephone expense is allocated for business use.

b) The corporate tax rate for imputation purposes is 30%.

c) Round all your answers to the nearest dollar.

Question:

2.1 Calculate Graça's dividend imputation credit.

2.2 Calculate Graça's total assessable income.

2.3 Calculate Graça's total allowable deductions.

2.4 Calculate Graça's taxable income.

2.5 Calculate Graça's gross tax payable.

2.6 Calculate Graça's total tax offset(s) entitlement.

2.7 Calculate Graça's Medicare levy.

2.8 Calculate Graça's net tax payable.

Reference no: EM133538257

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