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Calculate the taxable income and net tax payable

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Reference no: EM132611605

Robert, an Australian resident for tax purposes, earns income from a variety of sources during the year as follows:-

$

Rent from lala office 120,000

Dividend from jayson ltd franked to 100% 5,000

Franking credits on this dividend is $2,143

Unfranked dividend from Benni Pty. Ltd. 1,000

Army Reserve Income 2,210

He incurs expenses of $38,300 which are allowable deductions.

Required

Question 1: Calculate his taxable income and net tax payable as a single and does not have private health insurance.

Question 2: Discuss the circumstances when business income may not be assessable income to an organisation.

Reference no: EM132611605

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