Calculate the tax payable / refundable as at 30 June 2021 for an individual with the following attributes:

55 years old. $7,000 fully franked dividend income with $3,000 of franking credits. 2020 income year. Australian resident for the entire year. No spouse. Earned $15,000 from working, with $1,000 withheld. Received a trust distribution from a family trust of $1,000. No deductions to claim or other items of significance.

Please do your calculations as at 30 June 2021 using the below tax rates, including the mentioned tax offset.

Description

Resident Individual Tax Rates (2019-20)

Tax on this income Tax on this income

0 - $18,200 0%

$18,200 - $37,000 19c for each $1 over $18,200

$37,001 - $90,000 $3,572 plus 32.5% for each $1 over $37,500

$90,001 - $180,000 $20,797 plus 37% for each $1 over $90,000

$180,001 and over $54,097 plus 45% for each $1 over $180,000

Major tax offsets (rebates)

Dividend Franking Credit Offset: 30% Gross up formula: (Fully Franked Dividend / 70) x 100

Low Income Tax Offset: Maximum $445 (remember to phase out)

Low and Middle Income Tax Offset: Maximum $1,080 (remember to phase in and out)