James, a resident taxpayer has a taxable income of $72 000 for the year ended 30 June. This amount of taxable income includes a dividend of $35 000. The dividend was franked to 50% so has $7,500 in imputation credits attached (that have been included in taxable income). He has $6500 in tax instalments deducted from his other income, has no dependants but has appropriate private health cover. His net tax to pay or refund due when his assessment issues will be: Question 1Select one: 1. $14 947 payable. 2. $1 307 payable. 3. $9527 payable. 4. $7500 refund. 5. $947 payable.

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Based on the information provided the resident taxpayers net tax to pay or refund due when their ass... View the full answer