Question

(Assessable Income - Income from various sources) During the 2017/18 tax year, Selina Matterson (a single...

(Assessable Income - Income from various sources)

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:

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

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

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Answer #1

Answer:

Answer-1:
Net salary (55,000 + 18,000) $        73,000
Fully franked dividend               9,800
Unfranked dividend                  900
Net interest                  954
Taxable income $        84,654
Answer-2:
Tax on $84,654 ($3,572 + 32.5% for each $1 over 37,000) $ 19,059.55
Medical levy ($84,654 × 2%)         1,693.08
Total tax       20,752.63
Less: Franking credit         4,200.00
Net tax payable $ 16,552.63
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