taxation law 444

Stacey, a resident taxpayer aged 59, was made redundant from her employment with Badland Ltd on 15 April 2021. She had worked for Badland for 24 complete years. The following amounts were recorded on Suzie's 2021 payment summary: $ Gross wages 1/7/2020 to 15/4/2021 67,000 Unused annual leave 4,000 Unused long service leave (pre 17 August 1993) 5,400 Unused long service leave (post 17 August 1993) 20,000 Bona Fide Redundancy Lump Sum 125,000 Superannuation lump sum: Tax free component 35,000 Taxable component (taxed in the fund) 245,000 PAYG withheld from the above amounts 32,228 Stacey is single with appropriate private patient hospital cover and has no other income or deductions. Required: (i) Calculate Stacey's taxable income for the year ended 30 June 2021. (4 marks) (ii) Calculate Stacey's net tax payable or refundable for the year ended 30 June 2021. (6 marks) Stacey, a resident taxpayer aged 59, was made redundant from her employment with Badland Ltd on 15 April 2021. She had worked for Badland for 24 complete years. The following amounts were recorded on Suzie's 2021 payment summary: $ Gross wages 1/7/2020 to 15/4/2021 67,000 Unused annual leave 4,000 Unused long service leave (pre 17 August 1993) 5,400 Unused long service leave (post 17 August 1993) 20,000 Bona Fide Redundancy Lump Sum 125,000 Superannuation lump sum: Tax free component 35,000 Taxable component (taxed in the fund) 245,000 PAYG withheld from the above amounts 32,228 Stacey is single with appropriate private patient hospital cover and has no other income or deductions. Required: (i) Calculate Stacey's taxable income for the year ended 30 June 2021. (4 marks) (ii) Calculate Stacey's net tax payable or refundable for the year ended 30 June 2021. (6 marks)