Question
Ryan Small aged 30 and single, provided the following details for the year ended 30 June, 2017. Ryan derives income from his employment as a
Ryan Small aged 30 and single, provided the following details for the year ended 30 June, 2017. Ryan derives income from his employment as a bus driver and some investments. Ryan has no private health insurance.
Receipts | |
Legacy from his uncle's estate | $ 3,000 |
Fully franked dividend from F/S Ltd-amount received | 3,300 |
70% franked dividend from Fl Ltd-amount received | 2,900 |
Unfranked dividend from Back Ltd | 1,750 |
Gross wages (PAYG tax withheld $20,500) | 78,800 |
Bank interest (net of $97 TFN tax withheld) | 103 |
Honorarium for duties as president of the swim club | 350 |
Insurance lump sum compensation (for damage to back sustained in car accident) | 12,000 |
Army Reserve payments for part time services | 1,200 |
Expenses (All fully substantiated) | |
Purchase of compulsory uniform | 480 |
Laundry of uniform (estimate) | 75 |
Parking fees (Ryan drives his car to the bus depot) | 440 |
Sunglasses used for driving | 150 |
Investment journals | 230 |
Ryan has a HELP liability of $6,600. The repayment rate is 8%.
During the year Ryan received an Australian Government Disaster Recovery Payment.
Required:
- Calculate Ryan's taxable income and tax payable for the year ended 30 June 2017.
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