(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:

a.Calculate Yvette's taxable income for the 2017/18 tax year.

Yvette's 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

Bonus2,000

Gross taxable Income = 48,190

Less: Investment Deductions 250

Work-related Deductions 300

Total deduction = 550

TAXABLE INCOME =47,640

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

Show me your working for this question and also can you check if part a is right answer or not however part b have i answer right the Calculate and do we have to add any

Calculation to part b .However you have to use the same format for answer a