(Superannuation lump sum and income stream)

On 14 August 2017, Tammy Gochi, aged 53, retired from her job as chief executive officer of Megacorp Limited to commence service as a volunteer for Whalepeace International. She received a superannuation lump sum of $160,000 which entirely comprised an element taxed in the fund. PAYG tax of $34,500 was withheld from the lump sum.

During the remainder of the 2017/18 tax year, Tammy also received a superannuation income stream benefit of $40,000 from the fund. PAYG tax of $9,780 was withheld from this amount. The entire amount was taxed in the fund.

Tammys only other income during the 2017/18 tax year was gross salary of $36,290 for the period up to the date of her retirement. PAYG tax of $9,035 was withheld by her employer. Tammy has private hospital insurance.

1. Calculate Tammys taxable income for the 2017/18 tax year.

Gross salary = 36290

Super lump sum = 160,000

Sup income stream = 40,000

Total Assessable income is = 236,290

2. Calculate Tammys net tax payable or refundable for the 2017/18 tax year.

Taxable income = 236,290

Tax on taxable income = 54,232 + 45% * ( 236,290 180,000 ) = 79,562.5

Add : Medicare levy = 2% * (236,290 -Low cap amount ) I don't know to to work up the calculation for the Low cap

Less : PAYG tax withheld = 34,500 + 9,780 + 9,035 = 53315

Less :lump sum tax offset =

Tax payable =

Working on Lump sum tax offset :

Tax on taxable income = 54,232 + 45%* (236,290 -180,000) = 79,562.5

Less : Tax wages = 0+19%*(36,290 18,200) = 3437.1

Tax on lump sum = 15% * Low cap amount

Total =

I need help to work up the calculation for the Low cap because I have to use the amount for low cap to get the total of Lump sum tax offset and Medicare levy as well .Please show your working for the low cap amount .

Notes : My answered for part A is right answer and also my answer for part B is also right answer its only I have to calculations the Low cap amount.However you should follow the same format that I used in my answer.