Reference no: EM132620031

Chris is a single resident taxpayer who is 52 years old and has private health insurance. He works as a senior solicitor in a law firm in Sydney and has earned $190,000 in the 2019-20 financial year from which his employer has withheld $60,000 in PAYG tax. He paid $2,250 to a registered tax agent for the preparation of his income tax return, and he donated $5,000 to his sister's start up sports club. Chris also has investments in the Australian share market. During the 2019-20 tax year he received a fully franked dividend of $3,500 from investments in the shares of Woolworths, an Australian listed company. He also received net rental income of $60,000 from a rental property in Gold Coast. The annual maintenance and interest charges on the property are $36,000. The property was available for rent for the 2019-2020 income tax year. Since March 2020, Chris began to take an online cooking course from the local TAFE as he was planning to become a professional chef in the near future. The tuition fee for the course is $3,250.

Required:

Question 1: Calculate Chris' taxable income and tax payable/refundable for 2019-2020 tax year. Do not consider any COVID-19 tax concessions.