Question

George Z was born in New York but now lives in Australia.

For the current tax year refer to George Z’s following information:

Salary from full time work $100,000

Salary from weekend work $16,000

Expenses due to work $5,000

Speeding fines incurred in his very fast company car while traveling to his full time work $1,000

A tax offset of $10,000

A HELP debt with a balance of $25,000

Private insurance premiums of $300 per month beginning. The policy was taken out on 1 January 2020.

The employer provided a company car to George Z for his full-time work and he pays for petrol on the weekends $50 per week for 52 weeks of the year.

Calculate: George Z’s total tax payable. Show all workings

Answer 1

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