(Taxable income from Australian and foreign sources)

Yvette Jankic, a resident single taxpayer aged 31, worked in New Zealand from 1 July 2017 until 15 November 2017 and has provided the following information for the 2017/18 tax year:

Receipts	$
Interest (net of TFN tax withheld $490)	510
Interest from United Kingdom (net of withholding tax $300)	2,700
Dividend from the U.S. state of Georgia (net of withholding tax $2,100)	3,900
Gross salary Australian employment (PAYG tax $5,285 withheld)	21,000
Reportable fringe benefit as per PAYG Summary	6,252
Net salary New Zealand employment (tax withheld $2,540)	12,650
Bonus from Australian Employer for exceptional performance	2,000

Payments	$
Interest and Dividend deductions relating to United Kingdom and Georgia investments	250
Work-related deductions relating to Australian employment	300

Note Yvette does not have private health insurance.

Required:

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

My working for part a

Yvettes taxable income for the 2017/18 tax year :

Interest (510 + TFN tax withheld $490) = 1000

Interest - United Kingdom (2700 + net of withholding tax $300) = 3000

Dividend Georgia (3900 + net of withholding tax $2,100) = 6000

Gross Salary Australia 21,000

Gross Salary - New Zealand (not exempt) (12,650 + tax withheld $2,540) = 15,190

Bonus 2,000

Gross taxable Income = 48,190 Less: Investment Deductions 250

Work-related Deductions 300

Total deduction = 550

TAXABLE INCOME = 47,640

b. Calculate Yvettes net tax payable or refundable for the 2017/18 tax year.

My working for part b

Taxable income 47,640

Tax on taxable income = 3,572 + 32.5%* (47,640 37,000) = 7,030

Add: Medicare levy = 2% * 47,640 = 952.8

Less : Low income tax offset = 445 (1.5% *(47,640 -37,000)) = 285.4

Less: PAYG tax withheld = 5,285

Less : Foreign Income Tax Offset = 1436.4

Total net payable = 976

Calculation of Foreign Income Tax Offset :

Tax on taxable income 47,640 = 3,572 + 32.5%* (47,640 37,000) = 7,030

Tax on taxable income 21,510 = 0+19% * (47,640 -18,200 ) = 5,593.6

Total = 7,030 - 5,593.6 = 1436.4

Notes: I am not sure about my answer for both parts .Please follow my formating for part a to do part b .Show me your working for both part .