Calculate jack taxable income for the income year

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Question - Jack Peterson is an Australian resident aged 42. During the 2019/20 income year, Jack derived the following income:

Gross Salary (PAYG tax withheld $15 000) $60,000

Gross rental income- France (tax of $5,000 was paid on this amount) $20,000

Jack had no deductions during the year and was covered by adequate private health insurance.

Required -

(a) Calculate Jack's taxable income for the 2019/20 income year.

(b) Calculate Jack's net tax payable or refundable for the 2019/20 income year.

Reference no: EM133127638

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