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 lump sum.

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

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 hospital insurance. 

Required:

Calculate Tammy’s taxable income for the 2017/18 tax year. 

 

Required:

Calculate Tammy’s taxable income for the 2017/18 tax year. This is my answer below which I am sure was its right answer. 

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 tax year. 

This is my answer below which I am done most of it right its only there are two part I am struggle with 

Taxable income = 236,290

Tax on taxable income =  54,232 + 45% * ( 236,290 – 180,000 ) = 79,562.5

Add : Medicare levy = 2% * (236,290 - )  =  This amount I have to minus by another amount and I don't know which amount is it 236,290

Less : PAYG tax withheld = 34,500 + 9,780 + 9,035   = 53315  

Less lump sum tax offset =  I don't know how can I calculate this part 

Tax payable =