Q1 (Tax calculation for family)

Fred, a resident taxpayer aged 47, has taxable income of $145,345 and reportable fringe benefits of $17,170. During the year Fred has paid PAYG tax instalments totalling $13,480. His wife, Jani, has taxable income of $27,000.

They have seven children and no private health insurance.

Required: Calculate Freds net tax payable for the 2017/18 tax year.

Tip: Check if Medicare Levy Surcharge will apply to Fred and, if applicable, include in your calculations.

This is my answer for the question above can you check it for me if its right or wrong?

CALCULATION OF NET TAX PAYABLE FOR THE 2017/2018 IN THE BOOKS OF FRED

PARTICULARS AMOUNT $ :

Taxable income 145,345

Reported fringe benefits 17,170

Total assessable income 162,515

Tax on taxable income ( 19822+37% above 87000 up to 180000 ) 47,762

Add,: Medicare levy@2% 3250.3

Add: Medicare levy surcharge @1% 1895.15

Less: PAYG instalments 13,480

TOTAL TAX PAYABLE 39427.45

Q2

(Losses with indexed gains)

Brad Emerson, a resident taxpayer, sold the following CGT assets during the 2017/18 tax year:

ASSET	COST BASE	ACQUISITION DATE	DISPOSAL DATE	SALE PRICE
Shares - AAA	$48,000	19 Jan 87	20 Feb 18	$71,000
Shares - BBB	$62,000	30 May 06	17 Apr 18	$77,000
Shares - CCC	$49,000	8 Jun 10	24 Mar 18	$35,000

Required:

Calculate the minimum net capital gain for the 2017/18 tax year. Use a combination of the indexed and discount methods, where allowed. (Show your workings).