Q1 During the 2017/18 tax year, Selina Matterson (a single resident taxpayer, aged 41) has the following receipts:

• Net salary (after $18,000 PAYG tax withheld) $55,000
• Fully franked dividend from PPP Ltd $9,800 (with franking credit $4,200)
• Unfranked dividend from QQQ Ltd $900
• Net interest received $954 (after $846 no TFN tax withheld)
• Selina had no deductions
• She was covered by private hospital insurance

Required:

1. Calculate Selinas taxable income for the 2017/18 tax year.
2. Calculate Selinas net tax payable/refundable (including Medicare Levy) for the 2017/18 tax yeas

On this question when we calculate the taxable income we should include gross interest rather than net interest and also dividends and franking credit