Part C
Question 1
Summary of financial position/net worth
Summary of financial position/net worth
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Question 2 - Part A
*1.5% of taxable income
**Interest is subject to 10% tax rate in Australia
According do Australian tax legislation Australian residents are subject to individual income tax. As Tony’s annual salary is $115,000, he is due to pay $17,547 plus 37c for each $1 over $80,000 for the group of tax payers having income between $80,001 and $180,000. By analogy, tax duties can be calculated for Clare. She receives annual payments of $80,000, thus ...