Sally Rower is a 31-year-old resident taxpayer who operates a business as a sole trader...
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Accounting
Sally Rower is a 31-year-old resident taxpayer who operates a business as a sole trader producing and selling face creams and lotions. She has elected to apply all available small business concessions.
She has provided you with the following information for the 2020/21 tax year.
Total credit sales $156,000
Interest Received from savings account 520
Loan borrowed to increase working capital 100,000
Fully franked dividend received 9,600
Total allowable deductions 79,000
Sally has an adequate private insurance, so she is exempt from Medicare surcharge liability.
Required
Calculate Sallys taxable income and net tax payable including Medicare levy and all available tax offsets (including unincorporated business income tax offset).
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