Q1.1.9.

(Comprehensive calculation for a prescribed person)

Ron Veldhuis is aged 16 and is currently studying full-time at high school whilst living with his parents.

During the 2017/18 tax year, Ron received the following amounts:

$

Gross Wages from part-time job (PAYG tax withheld $800)

4,700

Gross Interest received on fund given by his parents (TFN withheld $4,900)

10,000

Income Distribution from Estate of Late Aunt

7,500

Income Distribution from Family Trust (tax paid by Trustee $1,500)

6,000

Unfranked Dividend from shares in QQQ Ltd (these were bought with funds from previous Family Trust distributions)

1,200

Required:

(a) For the purposes of Div 6AA, how much excepted assessable income has Ron derived?

(b) For the purposes of Div 6AA, how much eligible assessable income has Ron derived?

(c) Calculate net tax payable by Ron for the 2017/18 tax year.