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Hi can I please have some help on how to calculate Jo's Taxable income for...

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Accounting

Hi can I please have some help on how to calculate Jo's Taxable income for the financial year of 2023. 1. Calculate Taxable Income

Jo King, aged 58 provided the following information for the year ended 30 June 2023. Table 2 Jos receipts Receipts $ Net salary (PAYG tax withheld $14,100) 40,300 Tax refund from 2022 tax year 880

Unfranked Dividends 1,700 Fully franked dividends 5.600 Reportable Fringe benefits 5,00 Inheritance from his fathers estate 200,000 Prize won from radio competition 200 Net bank interest (TFN tax withheld $1,692) 1,908 Proceeds from sale of share in XYZ Ltd (purchased in May 1987 for $13,000) 14,000 Rent received from overseas property 40,700 Note 1 For the current tax year Joe had allowable deductions of $4,100 relating to the rental property and $480 work related deductions. Note 2 Jo is single and has no private medical insurance. Task 1: Calculate Taxable Income Read each question carefully. Follow the suggested word count when you answer each question. 1. Calculate Jo' s taxable income for the 2023 financial year and include your answers in the box below.

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