Question

(Various offsets - refundable and non-refundable tax offsets) Meghan Royal, is a resident taxpayer aged 57,...

(Various offsets - refundable and non-refundable tax offsets)

Meghan Royal, is a resident taxpayer aged 57, had the following transactions for the 2017/18 tax year:

RECEIPTS

Income Stream Benefit from a taxed superannuation fund

(no PAYG tax was withheld)

$ 17,000

Gross Wages (PAYG tax withheld $1,500)

22,000

Fully Franked Dividends

4,900

PAYMENTS

Private Health Insurance (reduced premium not taken)

3,000

Meghan did not have any deductions.

Meghan also wholly maintained her father Phillip for the whole year. Phillip did not have any adjusted taxable income and was not eligible for any government pensions.

Required:

  1. Calculate Meghan’s taxable income and
  2. Net tax payable for the 2017/18 tax year.
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Answer #1
Calculation of Taxable Income of Meghan Royal.
Particular Amount($)
Income from Salaries 22000
Income from Other Source
Income from Stream Benefit from Taxed Supperannuaton Fund 17000
Fully Franked Dividend 4900
Total Income 43900
Less : Deduction for Medical Insurance 3000
Taxable income 40900
Tax payable for 2017/18 suppose tax rate is 30%.
Tax Income 40900
Tax@ 30% 12270
Less : Withheld tax paid 1500
Net Tax payable 10770
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