Reference no: EM132992252
QUESTION - During the year ended 30 June 2021 Rameses received the following items:
1. Fully franked dividend from BHP Ltd of $1,758.
2. Partly franked dividend from CRA Ltd of $734. It was franked to 65%.
3. Unfranked dividend from Treasury Wines Ltd of $2,846
4. Interest income from BNZ (Bank of New Zealand) of $1,890. The New Zealand Tax Authorities withheld tax of $210.00.
5. Gross salary and wages of $65,000. The PAYGW deducted was $14,200.00.
6. $50,000 for guessing the correct voices in a radio quiz show.
7. $8,200 from the Government for being a part time Army reserve soldier
Rameses has no private health insurance cover and is a tax resident of Australia.
REQUIRED - Calculate the taxable income and tax payable for the year ended 30 June 2021 for Rameses.
Please explain why the amount are or are not assessable and refer to the relevant sections or case law.
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