(Assessable Income - Income from various sources) During the 2017/18 tax year, Selina Matterson (a single resident...
Question:
(Assessable Income - Income from various sources)
During the 2017/18 tax year, Selina Matterson (a single resident taxpayer, aged 41) has the following receipts:
• Net salary (after $18,000 PAYG tax withheld) $55,000
• Fully franked dividend from PPP Ltd $9,800 (with franking credit $4,200)
• Unfranked dividend from QQQ Ltd $900
• Net interest received $954 (after $846 no TFN tax withheld)
• Selina had no deductions
• She was covered by private hospital insurance
Required:
Selina’s Calculate taxable income for the 2017/18 tax year.
Calculate Selina’s net tax payable/refundable (including Medicare Levy) for the 2017/18 tax year. Show your workings.
South-Western Federal Taxation 2018 Comprehensive
ISBN: 9781337386005
41st Edition
Authors: David M. Maloney, William H. Hoffman, Jr., William A. Raabe, James C. Young