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How much earnings tax would apply to total returns for levi

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Reference no: EM132757348

Problem 1: Levi is age 61 and continues to work full-time. He has $640000 in a transition to retirement income stream account. For the current financial year his investments have produced income returns of $6900 and capital returns of $12000. The assets that produced the capital returns were owned by the fund for only 6 months. How much earnings tax would apply to the total returns?

Select one:

a. Levi is over the age of 60 so earnings tax is switched off.
b. $2835
c. $2235
d. $1890

 

Reference no: EM132757348

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