question archive Jordan Jones is employed at a local library on a casual basis but sources most of his income from a substantial investment portfolio that he manages in his spare time
Jordan Jones is employed at a local library on a casual basis but sources most of his income from a substantial investment portfolio that he manages in his spare time
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Jordan Jones is employed at a local library on a casual basis but sources most of his income from a substantial investment portfolio that he manages in his spare time. Jordan reports his investment income and pays a PAYG instalment quarterly using an IAS (Type B) Option 2. Jordan has a pre-printed instalment rate of 22% but due to an increase in his borrowing costs, Jordan believes this may be too high. He has provided the following information relating to his expected investment income for the year: Dividend Income 39,339 Interest Income 28,301 Investment deductions 33,820 Estimated income tax payable 10,146 T1 instalment income for the September quarter 15,890 REQUIRED: Calculate Jordan's revised instalment rate and complete the Option 2 box on his September IAS, including the variation reason code. Record the calculations that you used in the text box below then record on the Activity Statement panel:
