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Calculate Jordan revised instalment rate

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Reference no: EM133104865

Question - Jordan Jones is employed at a local library on a casual basis but sources most of his income from a substantial investment portfolio that he manages in his spare time. Jordan reports his investment income and pays a PAYG instalment quarterly using an IAS (Type B) Option 2. Jordan has a pre-printed instalment rate of 22% but due to an increase in his borrowing costs, Jordan believes this may be too high. He has provided the following information for the year:

Dividend Income $39744

Interest Income $28499

Estimated income tax payable $10172

T1 instalment income for the September quarter $15890

Required - Calculate Jordan's revised instalment rate and complete the table on his September IAS, including the variation reason code. Record the calculations that you used in the text box below then record on the Activity Statement panel.

Reference no: EM133104865

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