55 years old. $5,431 fully franked dividends with $2,327 of franking credits. The taxpayer received a cash payment of $5,431. No spouse. Earned $85,000 from working, with $21,000 withheld, therefore had $64,000 deposited into his bank account. $650 in work related deductions. No private health insurance or other items of significance. Please do your calculations as at 30 June 2021 using the provided tax rates, excluding the effect of the LMITO and LITO, but including Medicare and other levies. Would your answer differ is this TP was a foreign resident?

Answer rating: 100% (QA)

Tax Calculations for the Taxpayer Australian Resident Income Salary 85000 Deductions Workrelated ded... View the full answer