Sau Hwa, a resident aged 59, retired from his employment at TMB Mattress under the Early Retirement Scheme on 1 November 2021. He provided the following details for the year ended 30 June 2022:-

He received a payment under a bona fide redundancy scheme of $250,000. He had completed 43 years and 11 months of service with his employer.

Sau Hwa receives a superannuation lump sum of $240,000 which comprised of a tax-free component of $15,000 and the remainder was from a taxable component of the fund. Assume that the fund is a taxed fund.

Sau Hwa is single, has adequate private hospital insurance and has no other income or allowable deductions.

PAYG tax withheld totaled $26,060.

Required

Calculate Sau Hwas taxable income and net tax payable or refundable for the year ended 30 June 2022 given that in addition to the above receipts, Sau Hwas gross salary was $66,060. Show all working.

Total 14 marks