(Superannuation lump sum, low capamount)

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 Stan's wages. Stan has adequate private health insurance.

a)

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 Superannuation fund is not tax deductible and hence any receipt from super annuation fund is taxable in the year of receipt.

I need help with this part which is part b

B) Calculate Stan's net tax payable or refundable for the 2017/18 taxyear.

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