Various offsets - refundable and non-refundable tax offsets)

Meghan Royal, is a resident taxpayer aged 57, had the following transactions for the 2017/18 tax year:

RECEIPTS

Income Stream Benefit from a taxed superannuation fund

(no PAYG tax was withheld)

$ 17,000

Gross Wages (PAYG tax withheld $1,500)

22,000

Fully Franked Dividends

4,900

PAYMENTS

Private Health Insurance (reduced premium not taken)

3,000

Meghan did not have any deductions.

Meghan also wholly maintained her father Phillip for the whole year. Phillip did not have any adjusted taxable income and was not eligible for any government pensions.

Required:

a. Calculate Meghan's taxable income

My answer for part A which is right answer

Income stream benefit from taxed superannuation fund

$17000

Gross wages

$22000

Fully franking dividends

$7000

Total taxable income

$46000

b. Net tax payable for the 2017/18 tax year.

This is my answer for part b but I haven't finish it yet because I have struggle with two parts of it

Taxable income is $46,000

Tax on taxable income = 3,572 + 32.5% * ($46,000 - 37,000) =6497

Add : Medicare levy = 2% * $46,000= 920

Add superannuation tax offset = I don't know know how to calculate the superannuation tax offset

Privet health insurance tax offset = 3000 *21.612% = 648.36

Franking tax offset = 2100

Less : PAYG tax withheld = $1,500

Less : low tax income offset = 445 -(1.5%* (46,000-37,000)) = 310

Net tax payable =

I only get struggles with to how I can calculate the superannuation tax offset ,however all the rest are right answered .

Privet health insurance tax offset this part I got the percentage from page 382 on the table below :

show your working to you Net tax payable and superannuation tax offset

Rebate Adjustment Factor (RAF) Since 1 April 2014 all private health insurance rebate percentages have been adjusted annually by a Rebate Adjustment Factor representing the ratio of the proportional increase in the consumer price index to the proportional average premium increase. The RAF is calculated by the Department of Health each year. The RAF's for the 2017/18 income year are as follows: Rebate Adjustment Factor (1 July 2017 to 31 March 2018) No Tier Tier 1 Tier 2 Tier 3 Aged under 65 25.934% 17.289% 8.644% 0% Aged 65-69 30.256% 21.612% 12.966% 0% Aged 70 or over 34.579% 25.934% 17.289% 0% Rebate Adjustment Factor (RAF) Since 1 April 2014 all private health insurance rebate percentages have been adjusted annually by a Rebate Adjustment Factor representing the ratio of the proportional increase in the consumer price index to the proportional average premium increase. The RAF is calculated by the Department of Health each year. The RAF's for the 2017/18 income year are as follows: Rebate Adjustment Factor (1 July 2017 to 31 March 2018) No Tier Tier 1 Tier 2 Tier 3 Aged under 65 25.934% 17.289% 8.644% 0% Aged 65-69 30.256% 21.612% 12.966% 0% Aged 70 or over 34.579% 25.934% 17.289% 0%