A taxpayer retired from his employment at Jims Ltd on the 30 June 2021 at the age of 66. The taxpayer had worked in the firm for the past 46 years and accumulated a total employment period of 16,801 days, of which 13,879 days related to service post-30 June 1983. The taxpayer received an employment termination payment of $750,000 as his only source of income for the 2020/21 tax year. The amount of tax payable (including the Medicare levy) and rounded to the nearest dollaron the employment termination payment for the 2020/21 tax year is:

Select one: a. $186,694 b. $216,694 c. $226,694 d. $196.594

please explain, i will give good rating