Zorro retired from his employment on 3/6/2022 aged 59 years (above preservation age). Details obtained from his
Question:
Zorro retired from his employment on 3/6/2022 aged 59 years (above preservation age). Details obtained from his Payment Summaries showed:
$
Gross salary 46,000
Annual leave on termination 5,350
LSL - pre 16/8/1978 62,500
LSL - 16/8/78 - 17/8/1993 82,500
LSL - 18/8/93 - 3/6/2022 12,840
PAYG deducted from salary and leave 40,000
Other Assessable Income 400
Deductible expenses 950
Zorro also received a lump sum superannuation benefit comprising:
$
Taxable Component (Taxed element) 215,600
Tax-free Component 17,475
Gross amount of Cash Payment 233,075
Tax amount deducted 2,000
Note: Zorro is single and had no private hospital cover for the year and was not entitled to any dependent or concessional rebates.
calculate Zorro's taxable income for year ending 30/6/2022 and Tax payable/refund for year ending 30/6/2022
Smith and Roberson Business Law
ISBN: 978-0538473637
15th Edition
Authors: Richard A. Mann, Barry S. Roberts