Question
Stan Eckhardt, aged 57, received a superannuation lump sum of $310,000 from his superannuation fund upon retirement on 15 April 2018. PAYG tax of $28,170
Stan Eckhardt, aged 57, received a superannuation lump sum of $310,000 from his superannuation fund upon retirement on 15 April 2018. PAYG tax of $28,170 was withheld from the lump sum. The lump sum comprised entirely of an element taxed in the fund.
Stan also received gross wages of $85,000 up to the date of his retirement. PAYG tax of $22,110 was withheld from Stans wages. Stan has adequate private health insurance.
Required:
- Calculate Stans taxable income for the 2017/18 tax year.
This is the answer for part (a) which I have it right answered Below:
Computation of taxable income for 2017-2018 :
Receipt from Super Annuation fund = $310,000
Receipt from annual wages = $85,000
Total income for the year 2017-2018= $395,000
Total taxable income for 2017-2018- $ 395,000
Note: In the United States of America Super annuation fund is not tax deductible and hence any receipt from super annuation fund is taxable in the year of receipt.
I only need help with part b
b ) Calculate Stans net tax payable or refundable for the 2017/18 tax year.
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