Answered step by step
Verified Expert Solution
Link Copied!

Question

1 Approved Answer

On 14 August 2017, Tammy Gochi, aged 53, retired from her job as chief executive officer of Megacorp Limited to commence service as a volunteer

On 14 August 2017, Tammy Gochi, aged 53, retired from her job as chief executive officer of Megacorp Limited to commence service as a volunteer for Whalepeace International. She received a superannuation lump sum of $160,000 which entirely comprised an element taxed in the fund. PAYG tax of $34,500 was withheld from the lumpsum.

During the remainder of the 2017/18 tax year, Tammy also received a superannuation income stream benefit of $40,000 from the fund. PAYG taxof $9,780 was withheld from this amount. The entire amount was taxed in thefund.

Tammy's only other income during the 2017/18 tax year was gross salary of $36,290 for the period up to the date of her retirement. PAYG tax of $9,035 was withheld by her employer. Tammy has private hospitalinsurance.

a) Calculate Tammy's taxable income for the 2017/18 taxyear.

This is my answer for part a :

Gross salary = 36290

Super lump sum = 160,000

Sup income stream = 40,000

Total Assessable income is = 236290

b) Calculate Tammy's net tax payable or refundable for the 2017/18 taxyear. I need help with this part

Step by Step Solution

There are 3 Steps involved in it

Step: 1

blur-text-image

Get Instant Access to Expert-Tailored Solutions

See step-by-step solutions with expert insights and AI powered tools for academic success

Step: 2

blur-text-image_2

Step: 3

blur-text-image_3

Ace Your Homework with AI

Get the answers you need in no time with our AI-driven, step-by-step assistance

Get Started

Recommended Textbook for

Using Microsoft Excel And Access 2013 For Accounting

Authors: Glenn Owen

4th Edition

1305161858, 9781305161856

More Books

Students also viewed these Accounting questions

Question

What drives free cash flow?

Answered: 1 week ago