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please show the formulas (eg. Income tax=taxable income*tax rate-tax offset) Josh (an Australian resident) is 35 years old, single, has no dependents, and no private
please show the formulas (eg. Income tax=taxable income*tax rate-tax offset)
Josh (an Australian resident) is 35 years old, single, has no dependents, and no private patient hospital insurance. He is employed as a radiographer at a local hospital. A tax agent has correctly calculated Josh's taxable income for the 2016-2017 income year as follows: Gross salary, ordinary income, income from employment, section 6-5 Net Financial Investment Loss: $105,000 Dividends received, section 44, statutory income Franking credits and gross up, section 207.20, statutory income Interest paid on the loan used to fund the acquisition of the shares, deductible against assessable income, incurred to produce assessable income, section 8-1 $7,000 3,000 ($12,000) $103,000 Taxable income Josh's employer-prepared payment summary for his 2016-2017 income year shows the following: Reportable fringe benefits of $20,000; PAYG withheld and paid to the ATO on his behalf of $27,000. At the end of the 2016-2017 income year, Josh's balance on his HELP loan is $2,500 Step by Step Solution
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