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Ahmed, an Australian resident , was made redundant on 30 th June 2020 at the age of 58. He had been employed at the company

Ahmed, an Australian resident, was made redundant on 30th June 2020 at the age of 58. He had been employed at the company for 14 years and 9 months. His taxation records for the year ended 30th June 2020 revealed the following:

Gross wages up to redundancy$65,000

(PAYG withheld $18,400)

Interest on savings account held jointly with spouse $4,200

Genuine redundancy payment$93,000

Lump sum received from his superannuation fund:

Taxable component (element taxed in the fund)$372,000

(PAYG withheld $26,000)

Ahmed has adequate private health insurance cover for the year.

Required:

For the year ended 30 June 2020, calculate Ahmed's:

(a)taxable income

(b)net tax payable or refundable

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