The following question is based on the material in Chapter 5 of the textbook Prepare Tax Documentation for Individuals 17th edition 5.7.(Superannuation income stream, over 60 years of age) During the 2019/20 tax year, Selma Carr(aged 63), received a superannuation income stream benefit of $56,200 from her superannuation fund. As her superannuation was derived from an untaxed superannuation fund, PAYG tax of $6875 was withheld from the income stream. Selma also received interest of $4220 from term deposits during the year. Selma has adequate private health insurance. Calculate Selma's taxable income for the 2019/20 tax year. Calculate Selma's net tax payable or refundable for the 2019/20 year.

Answer to Q-5.7 (Superannuation income stream, over 60 years of age) Note- Please show all workings where necessary and you may use additional space below Please write your workings/explanations and answers in Blue cells Selma Carr (aged 63) Enter receipt amount here Receipt Items Write your Reasons or Workings (if applicable) $ Receipt Amount $ 56,200.00 4,220.00 Superannuation Income Stream (PAYG tax withheld $6 875) Interest Taxable Income Tax on Taxable Income $ 0 Add: Medicare Levy (if applicable) Add: Medicare Levy Surcharge (if applicable) Less: Tax Offsets (if any) Less: Income Stream Tax Offset Less: Low-income Tax Offset Less: Low and Middle Income Tax Offset Less: PAYG tax withheld Tax Payable/(Refundable) 6,875.00 Additional Workings (if any)