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Homework Question - What is My Tax Liability?

Discussion in 'Australian Law School Homework Questions' started by JackLin, 28 August 2016.

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  1. JackLin

    JackLin Member

    28 August 2016
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    Hi guys,

    I have a question regarding the foreign source income.


    I, an Australian resident, derived the following items in the current income year:

    -a salary $185,000 from my employer;

    - dividend $1,800 from a foreign company (net of withholding tax of $200)

    - interest income $2,000 from a bank account in Brazil ( no tax treaty partner, no foreign tax paid).

    No other income or deduction.

    What is my tax liability?

    So I have the assessable income of $185,000 + $1,800 + $2,000 = $188,500

    income tax = $54,547 + $1,575=$56,122

    less deduction: $200

    = $55,922 ?


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