Question
Q19.11.15 (Various offsets - refundable and non-refundable tax offsets) Meghan Royal, is a resident taxpayer aged 57, had the following transactions for the 2017/18 tax
Q19.11.15
(Various offsets - refundable and non-refundable tax offsets)
Meghan Royal, is a resident taxpayer aged 57, had the following transactions for the 2017/18 tax year:
RECEIPTS |
|
Income Stream Benefit from a taxed superannuation fund (no PAYG tax was withheld) | $ 17,000 |
Gross Wages (PAYG tax withheld $1,500) | 22,000 |
Fully Franked Dividends | 4,900 |
PAYMENTS |
|
Private Health Insurance (reduced premium not taken) | 3,000 |
Meghan did not have any deductions.
Meghan also wholly maintained her father Phillip for the whole year. Phillip did not have any adjusted taxable income and was not eligible for any government pensions.
Required:
- Calculate Meghans taxable income and
- Net tax payable for the 2017/18 tax year.
b)Tax payable for 2017/2018 : Taxable income is $46,000 Tax on taxable income = 3,572 + 32.5% * ($46,000 - 37,000) = 6497 Add : Medicare levy = 2% * $46,000 = 920 Less : superannuation tax offset = 3947 Less : Privet health insurance tax offset = 3000 * 25.934% = 778.02 Less : Franking tax offset = 2100 Less : PAYG tax withheld = $1,500 Less : low tax income offset = 445 (1.5%* (46,000-37,000)) = 310 Net tax payable = 1218.02
Working on Lump sum tax offset : Tax on taxable income = 3,572 + 32.5% * ($46,000 - 37,000) = 6,497 Less : Lump sum tax offset = 15% * 17,000 = 2,550 Total = 3947
Note: my answer for part A is right answered and for part be I used right formate I only get struggle with the superannuation tax offset and the rest are right answered . Please show me your working for both parts.
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