(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.

Calculate Meghans taxable income

This is my answer for part a

Particular	Amount $	Amount $
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. I only need help with this part because part a I already done it right

This is part b answer to completed answer

Taxable income is $46,000

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

Add medicare levy : 2% * $46,000 =

Less : PAYG tax withheld = $1,500

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

I don't know how to calcalute theses three :

1) private health insurance

2) franking credit

3) superannuation tax offset

Theses threes should be in the tax payable section

(Can you please show your working )

FOREIGN PENSIONS Australian residents for tax purposes are taxed on their worldwide income, so they must declare any foreign income in their income tax return, including foreign pensions and annuities. Some foreign pensions which are assessable income in Australia have a deductible amount (i.e. Undeducted Purchase Price less RCV). These include pensions from Italy, the United Kingdom, Austria, Germany, and the Netherlands. In general, the deductible amount of a pension from these countries is as follows: Italy pension amount determined according to ATO or taxpayer data. United Kingdom - 8% of the annual amount of the pension received. Austria - amount determined according to ATO or taxpayer data. Germany - amount determined according to ATO or taxpayer data. Netherlands -25% of the gross annual pension. A taxpayer may claim a foreign income tax offset if their foreign pension or annuity is taxed both in Australia and in the country which paid it. Pensions and annuities are usually taxable only in the country of residence of the recipient. However, if the payment has also been taxed in a country with which Australia has a tax treaty, the taxpayer may be entitled to a refund of that tax from that country