Please let me know is this correct SPECILALY Super stream

Q19.11.15

(Various offsets - refundable and non-refundable tax offsets)

Meghan Royal, is a resident taxpayer aged 57, had the following transactions for the 2017/18 tax year:

RECEIPTS

Income Stream Benefit from a taxed superannuation fund

(no PAYG tax was withheld)

$ 17,000

Gross Wages (PAYG tax withheld $1,500)

22,000

Fully Franked Dividends

4,900

PAYMENTS

Private Health Insurance (reduced premium not taken)

3,000

Meghan did not have any deductions.

Meghan also wholly maintained her father Phillip for the whole year. Phillip did not have any adjusted taxable income and was not eligible for any government pensions.

Required:

a.Calculate Meghan's taxable income and

b.Net tax payable for the 2017/18 tax year.

a.

Income Stream Benefit from a taxed superannuation fund

17000

Gross Wages (PAYG tax withheld $1,500)-Gross

22000

Fully Franked Dividends

4900

Franking Credit (4900/70*30)

2100

Taxable Income

46000

b.

Tax on Taxable Income $46000

((46000-37000)/100*32.5)+3572

6,497.00

Add:

Medicare levy 2%

920.00

7,417.00

Less:

-1,500.00

Payg Tax

-2,100.00

Super Tax Offset 15%

-2,550.00

Franking Credit (4900/70*30)

-778.02

Privet health insurance tax offset (3000/100*25.934)

-310.00

low tax income offset 445-((46000-37000)/100*1.5))

178.98

Net tax payable