Question 1

Mr Agro, an Australian resident terminated his employment on 1 May 2020 at age 59, after 43 years employment with Frost & Co. His taxation records for the year ended 30 June 2020 were:

1. A payment summary from his employer showing:

Gross wages to date of retirement $62,000 (PAYG tax withheld $19,450)

Accrued annual leave on termination $5,000.

Accrued long service leave of $44,000 of which:

• $16,000 had accrued prior to 15 August 1978.
• $19,000 had accrued between 15 August 1978 and 18 August 1993.
• $9,000 had accrued after 18 August 1993.

His payment summary also shows an amount of $5,500 as a reportable fringe benefit.

2. A superannuation termination payment of $350,000 from a taxed superannuation fund comprising:

Pre July 1983 component	$50,000
Post June 1983 (taxed component)	$240,000
Undeducted contributions	$60,000
PAYG withheld	$14,000

Additional Information

Mr Agro is single and does not have private health insurance.

Required

Calculate for year ended 30/6/2020 Mr Agros

1. Taxable income
2. Net tax payable/refund (including Medicare)