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Jacqueline is an Australian resident for income tax purposes. She has taxable income of $77,000. She...

Jacqueline is an Australian resident for income tax purposes. She has taxable income of $77,000. She has been provided with a receipt for an expense in the amount of $1,000. This expense will constitute a deduction. How much tax will Jacqueline save for the 2019/20 income year as a result of the allowable deduction?

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Jacqeline Income Tax Calculations Amount In $
Taxable Income 77000
Allowable Deduction 1000
Net Taxable Income 76000
Tax Rate for Slab $37,001 – $90,000 $3,572 + 32.5% for amounts over $37,000
Tax Payable
A) Direct ($3572) 3572
B) Above $37000 -i.e. 12675 (32.5% of $76000 - $37000) 12675
Jacqueline saving for the 2019/20 income year as a result of the allowable deduction $325 ($1000*32.5%) 325
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