Reference no: EM133021321

Question - Li, who is not married, migrated from China to Australia on a permanent resident's visa. Shortly after arriving in Sydney, he secured a job with an accounting firm. He intends to reside here permanently. In 2018-19, he received gross salary of $60,000 and bank interest income from the savings in China of $2,000. He did not pay any taxes in China on this interest income. During the year, Li paid $1,250 for the accounting course to maintain and improve the skill and specific knowledge required for his current work activities. He also has a small consultancy business as a sole trader. The turnover for 2018-19 was $50,000 and the net profit was $30,000. He does not have a private health fund with hospital cover. Calculate how much tax Li is required to pay?