Assignment task:
Wally, an Australian resident for tax purposes, works as a technical engineer in a software developing firm. His gross salary for the 2021-2022 tax year is $123,000 and he has incurred deductions totaling $1,200 in earning that income. In addition, Wally paid $1500 to attend a training course relevant to his job and $800 for a business administration training course that is not related to his career. He also had PAYG withholding tax of $22,500 taken out of his pay and is eligible for a spouse tax offset of $1,450. Wally earned $11,500 from his rental property and paid $2,100 for maintenance of the property. Wally received $15,000 trust income as a beneficiary of a family trust. He also received $1,200 from selling his personal laptop and donated $3,000 to the Australian Red Cross, a registered Not-for-Profit organisation. He has private health insurance cover.
Required:
1. Calculate Wally's taxable income and tax payable/refundable for the 2021-2022 income tax years.
2. Wally's taxable income and tax payable/refundable for the 2021-2022 income tax year.