Leanne has accepted an early retirement package in March after 23 years and eleven months of service. The following payments were received during the current income year. The employer also contributed $4,500 to superannuation during the year:

 

                                                                                                                         $                      $

Salary                                                                                                                           56,000

Dividend - franked to 100%                                                                                     14,000

Long service leave (lump sum) pre-17/8/93                                     8,000

Long service leave (lump sum) post 17/8/93                                 25,000            31,000

Annual leave (lump sum) all post 17/8/93                                                              10,000

Employer termination payment

            Bona fide redundancy                                                          150,000

            Taxable component from superannuation fund                 45,000

            Golden handshake - all post 30/6/83                                  46,000         241,000

 

Required

 

Calculate the net tax payable (include Medicare levy), given that Leanne is:

1. 50 years of age at the date of retirement.
2. 60 years of age at the date of retirement.

Assume a preservation age of 58.