(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:

a) Calculate Selina's taxable income for the 2017/18 tax year.

My working for part a

Taxable income

Salary = $55,000 + $18,000

Salary = $73,000

Add franked dividends, unfranked dividends, and interest of $9,800, $900 & $954 respectively to salary amount.

$73,000 + $9,800 + $900 + $954 = $84,654

Selina's taxable income is $84,654

b) Calculate Selina's net tax payable/refundable (including Medicare Levy) for the 2017/18 tax year.

My working for part b :

$3,572 + ($84,654 - $37,000)*0.325

$3,572 + ($47,654*0.325)

$3,572 + $15,487.55

=$19,059.55

A medical levy of 2% of the taxable income should be added then deduct the franking credit and TFN withholding.

Medical levy = 2%*$84,654

Medical levy = $1,693.08

The franking credit is $4,200 and TFN withholding is $846

Therefore, the tax payable = $19,059.55 + $1,693.08 - $4,200 - $846

Selina's tax payable = $15,706.63

Can you check if my answered for both parts are right or wrong