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anna is a resident of australia for tax purposes and sarah is a non-resident of...

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Accounting

Anna is a resident of Australia for tax purposes and Sarah is a non-resident of Australia for tax purposes. They are partners in a partnership. Their shares of the partnership profits and losses are 60% and 40%, respectively. During the income year of 2021/22, the partnership derived the following income: (a) Interest income from an Australian bank account: $30,000 (b) Interest income from an overseas bank account: $18,000 Required: Calculate the net income of the partnership under s 90 of the Income Tax Assessment Act 1936 and explain how that amount would be allocated and assessed in the hands of Anna and Sarah under s 92 of the Income Tax Assessment Act 1936

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