Question

During the 2017/18 tax year, Selina Matterson (a single resident taxpayer, aged 41) has the following...

During the 2017/18 tax year, Selina Matterson (a single resident taxpayer, aged 41) has the following receipts:

  • Net salary (after $18,000 PAYG tax withheld) $55,000
  • Fully franked dividend from PPP Ltd $9,800 (with franking credit $4,200)
  • Unfranked dividend from QQQ Ltd $900
  • Net interest received $954 (after $846 no TFN tax withheld)
  • Selina had no deductions
  • She was covered by private hospital insurance

Required:

Calculate Selina’s taxable income for the 2017/18 tax year.

Calculate Selina’s net tax payable/refundable (including Medicare Levy) for the 2017/18 tax year.

important Notes : 1) We should only include the  Gross interest (rather than net interest) in part a

2) Dividends and franking credit

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