Using the Information Included in Table 13

question 4

Essay

Using the information included in Table 13.13 of the chapter, calculate the 2014 seniors and pensioners tax offset (SAPTO) entitlement, if any, to the nearest dollar for Max and Kate Teakle, both individually and as a total for the couple. Max and Kate have been married for over 35 years and each are eligible for the SAPTO benefit. The following information has been provided for Max and Kate for the 2014 financial year:
$\begin{array}{lrr}\text { Details } & \text { Max (\$) } & \text { Kate (\$) } \\\text { Taxable income } & 30,009 & 29,500 \\\text { Reportable fringe benefits } & 2,501 & 1,550 \\\text { Reportable employer superannuation } & 4,000 & 2,500 \\\text { contributions } & & \\\text { Net investment losses } & 2,200 & 2,200\end{array}$

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