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Assessable Income

Assessable income is the income upon which tax is calculated. In Peter's case, the following are considered as assessable income:

1. Dividend received from Soaring Pty Ltd: $500.00 (ITAA 1936, Section 44)
2. Franking Credit: $214.29 (ITAA 1997, Section 207-20)
3. Salary Income from SA HEALTH: $47208 (ITAA 1997, Section 6-5)
4. Interest from CBA: $510 (ITAA 1997, Section 6-5)
5. Interest from HSBC France: AUD$ 670 (ITAA 1997, Section 6-5)
6. Gross employment income from France: AUD$ 34,176 (ITAA 1997, Section 6-5)
7. Car allowance from employer: $861 (ITAA 1997, Section 6-5)

Total of Assessable Income

The total assessable income is the sum of all the above incomes, which is $84,139.29. ITAA 97. Division 6. Section 6 - 5.

Deductible Expenses

Deductible expenses are those expenses that can be subtracted from assessable income. In Peter's case, the following are considered as deductible expenses:

1. Donation to Worldvision: $1450 (ITAA 1997, Section 30-15)
2. Nursing & Midwifery Broad Ahpra Registration Fee: $180 (ITAA 1997, Section 8-1)
3. Laundry of the shirts and jumper: $90 (ITAA 1997, Section 8-1)
4. Travel Costs (Car) $1,199.64. ITAA 1997. Division 6. Section 6 -5.

Total Deductible Expenses

The total deductible expenses is the sum of all the above expenses, which is $2,919.64. ITAA 1997, Section 8 -1. Division 8.

Net Taxable Income

Net taxable income is the assessable income minus the deductible expenses. In Peter's case, the net taxable income is $84,139.29 - $2,919.64 = $81,219.65

ITAA 1997, Section 4 - 15.

Tax on Taxable Income

5092+32.5%*(81219-45000) = $16,863.39

ITAA 97, Section 207 - 20

Less: Non-refundable tax offset

Non-refundable tax offset for Peter is the franking credit of $214.29 (ITAA 1997, Section 207-20).

Net Tax Payable

$16,863.39-214.29 = $16,649. ITAA 97. Section 3 - 5. Division 3.

Medicare Levy

Medicare levy is typically 2% of the net taxable income. In Peter's case, it would be 2% of $81,219.65 = $1,624.39 Section 23 - 5. ITAA 97. Division 23.

Medicare Levy Surcharge

Medicare Levy Surcharge applies if Peter does not have an appropriate level of private patient hospital cover and earns above a certain income. In this case, Peter does not have to pay a MLS as his income is below $90,000 and he has private health insurance. Section 3 - 10.

Study Loan / HELP

If Peter has a HELP/Study loan, he will have to make a compulsory repayment once his income is above the compulsory repayment threshold. Peter has no Study Help loan listed on his paperwork. ITAA 97. Section 23 - 15.

Refundable Tax Offset

Refundable tax offset for Peter Zero. He does not have one. (ITAA 1997, Section 12-55).

Tax Credit

Tax credit for Peter is the tax withheld from his employment income in France: AUD$ 3562 (ITAA 1997, Section 6-5).

PAYG Tax Withheld Instalments

PAYG tax withheld instalments for Peter is $12504 (ITAA 1997, Section 12-55).

TFN Withheld

There is no information provided about TFN withheld for Peter. Section 3 - 10.

Refund Due / Balance Payable

Refund due or balance payable is calculated based on the net tax payable and the tax credits. Net Tax Payable + Medicare Levy = $18,273.49, less: Tax Credit $3562 (Tax Withheld overseas in France from Employment), and Less PAYG Tax Withheld here in Australia $12,504 = $2,207.49 RETURN

Tax withheld and refund due and payable are covered underDivision 3of the ITAA 1997. Specifically, you can refer toSection 3-10for tax withheld andSection 3-15for refund due and payable.

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