Sid Gallen is a single resident taxpayer aged 59 and above preservation age. It was mutually agreed that his appointment as head coach of the Lesser Eastern Sydney AFL team would be terminated.

On termination, Sid received the following:

Unused Annual Leave (post 17/8/93)	$6800
Severance Payment (including $31255 PAYG tax withheld)	$167000
Reportable Fringe Benefit (the club allowed Sid to keep some air tickets)	$9300
Gross salary during the year up until the date of termination (PAYG tax withheld 41000)	$120000
No private health insurance, no dependent children

Calculate Sids taxable income and tax payable:

Taxable Income	$ Answer for part 1
Tax on Taxable Income	$ Answer for part 2
- Life Benefit ETP Tax Offset	$ Answer for part 3
+ Medicare Levy	$ Answer for part 4
+ Medicare Levy Surcharge	$ Answer for part 5
- PAYG tax withheld	$ Answer for part 6
= Tax payable	$ Answer for part 7