Theo is completing his tax return. He has a gross salary of $82 521 and income from a rental property totalling $10 920. He is claiming $13 420 in allowable deductions.
- Determine Theo’s taxable income. (1 mark)
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- Using the tax table below, calculate Theo’s tax payable. (2 marks)
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- In addition to the above tax, Theo must also pay a Medicare levy of $1600.42
- Theo has already paid $20 525 as Pay As You Go (PAYG) tax.
- Should Theo receive a tax refund or will he owe more tax? Justify your answer with calculations. (2 marks)
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