Question 6 Allison miles, aged 17 years, currently lives at home…

Question Answered step-by-step Question 6 Allison miles, aged 17 years, currently lives at home… Question 6 Allison miles, aged 17 years, currently lives at home with her mother. While studying fulltime for her final year at high school she worked part-time in a retail shop for 15 hours a week. During the year ended 20 june 2021, Allison’s income were as follows:• Wages feom working at the retail shop $8,700• interest from bank account $904 (Allison’s uncle established a bank account with a balance of $30,000 in 2019/20 financial year in Allison’s name).• Allison’s grandfather who is still alive and is the trustee of the miles family discretionary trust, distributed $10,000 to assist Allison’s school and living expenses during the 2020/21 income tax year. • interest from Allison’s other bank account in which she has banked her receipts for her employment activities $240.Required:A) clasify Allison as an excepted or prescribed person (2marks)B). Clasify each amount as eligible or expected income (2marks)C). Determine that taxable income for Allison for the 2020/21 tax year (2marks)D) identify the relevant tax rate for each amount and who pays the tax on each amount. (5marks)E) calculate her tax payable/refundable exclusive any medicare levy(4marks) Business Accounting TAXATION 101 Share QuestionEmailCopy link Comments (0)