Q1 (Taxable income from Australian and foreign sources)

Yvette Jankic, a resident single taxpayer aged 31, worked in New Zealand from 1 July 2017 until 15 November 2017 and has provided the following information for the 2017/18 tax year:

Receipts	$
Interest (net of TFN tax withheld $490)	510
Interest from United Kingdom (net of withholding tax $300)	2,700
Dividend from the U.S. state of Georgia (net of withholding tax $2,100)	3,900
Gross salary Australian employment (PAYG tax $5,285 withheld)	21,000
Reportable fringe benefit as per PAYG Summary	6,252
Net salary New Zealand employment (tax withheld $2,540)	12,650
Bonus from Australian Employer for exceptional performance	2,000

Payments	$
Interest and Dividend deductions relating to United Kingdom and Georgiainvestments	250
Work-related deductions relating to Australian employment	300

Note Yvette does not have private health insurance.

Required:

1. Calculate Yvettes taxable income for the 2017/18 tax year.

This is my answer for part a and its right answered

Interest 510

Add TFN tax withheld 490

Add Gross salary 21000

Add Bonus from Australian Employer for exceptional performance2000

Less Work-related deductions relating to Australian employment 300

Total taxable income = 23700

b) calculate Yvettes net tax payable or refundable for the 2017/18 tax year need help with this part which is part b

Q2

(Superannuation lump sum, low cap amount)

Stan Eckhardt, aged 57, received a superannuation lump sum of $310,000 from his superannuation fund upon retirement on 15 April 2018. PAYG tax of $28,170 was withheld from the lump sum. The lump sum comprised entirely of an element taxed in the fund.

Stan also received gross wages of $85,000 up to the date of his retirement. PAYG tax of $22,110 was withheld from Stans wages. Stan has adequate private health insurance.

1. Calculate Stans taxable income for the 2017/18 tax year.

Computation of taxable income for 2017-2018 :

This is my answered for part a which is have right answered

Receipt from Super Annuation fund = $310,000

Receipt from annual wages = $85,000

Total income for the year 2017-2018= $395,000

Total taxable income for 2017-2018- $ 395,000

Note: In the United States of America Superannuation fund is not tax deductible and hence any receipt from super annuation fund is taxable in the year of receipt.

b) Calculate Stans net tax payable or refundable for the 2017/18 tax year. I need help with this part