Beverley is an interior decorator and a bankrupt. Nathan is her Trustee. Beverley estimates she...
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Beverley is an interior decorator and a bankrupt. Nathan is her Trustee. Beverley estimates she will earn Net Income of $150,000 as an interior decorator before tax in her first year of bankruptcy (CAP1).
Beverleys husband Thomas does not work outside of the home. Beverley and Thomas are parents of three children aged 4 years, 2 years, and 4 months. Thomass mother resides with Beverley and Thomas and assists Thomas in looking after the children. Thomass mother receives an aged pension each fortnight of $967.50 per fortnight (approximately $25,155 per year).
Beverley estimates she will receive $4,000 as a beneficiary from her parents family trust fund.
Calculate what income contribution Beverley should make to her creditors in her first year of bankruptcy ( CAP 1).
Tax rates for the 2021-2022 tax year are as follows:
Income LevelTax to be Paid
$18,200 NIL
$18,201 - $37,000 19c for each $1 over $18,200
$37,001 - $90,000 $3,572 + 32.5c for each $1 over $37,000
$90,001 - $180,000 $20,797 + 37c for each $1 over $90,000
$180,000 and over $54,097 + 45c for each $1 over $180,000
Medicare Levy 2% Gross Income
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