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Assume Nicks current year taxable income is $168,176. Nick also paid quarterly PAYG instalments during the year totalling $52,000 and received franking credits totalling $300.
Assume Nicks current year taxable income is $168,176. Nick also paid quarterly PAYG instalments during the year totalling $52,000 and received franking credits totalling $300.
Based on the above facts and relevant tax laws, what would be Nicks total applicable offsets and credits be for the year? (select the best answer)
Non-refundable tax offsets totalling $0.00 and refundable credits totalling $52,300.00. | ||
Low Income Tax Offset = $0.00; refundable PAYG = $52,000.00 | ||
Low Income Tax Offset = $0.00; refundable FC = $300.00 | ||
Non-refundable tax offsets totalling $300.00 and refundable credits totalling $52,000.00. |
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