3:

Answer: -18500

During the year ended 30 June 2019 Michael, a resident taxpayer, received salary and wages income of $26,000 and a franked dividend of $9,800 with $4,200 of attached franking credits. He also had tax instalments (PAYG) withheld from his salary and wages income of $4,000. He has no dependents and no deductions. His net tax to pay or his refund due (ignore Medicare levy) when his assessment issues

will be:

Taxable Income

Basic Income Tax Liability (BITL)

Low Income Tax Offset

Low and Middle Income Tax Offset (LAMITO)

Franking Tax Offset

PAYG (W)

Net Tax Payable / Refundable