Question
Stan Eckhardt, aged 59, received a superannuation lump sum of $310,000 from his superannuation fund upon retirement (FY 21/22) . PAYG tax of $23,170 was
Stan Eckhardt, aged 59, received a superannuation lump sum of $310,000 from his superannuation fund upon retirement (FY 21/22) . PAYG tax of $23,170 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 Stan's wages. Stan has adequate private health insurance
Calculate the following
1. Taxable Income
2.Tax on Taxable Income
3. Lump Sum Tax Offset
4. Medicare Levy
5. PAYG Tax Withheld
6. Tax Payable/refundable
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