Heston, a resident taxpayer aged 59 (over preservation age), retired from his employment with Crispy Duck Ltd on 19 August 2021. He provided the following details for the year ended 30 June 2021:
Gross wages 1/7/2020 to 19/8/2020                                                                            $47,000
Unused annual leave                                                                                                          8,250
Unused long service leave (pre 17 August 1993)                                                          2,500
Unused long service leave (post 17 August 1993)                                                      14,000

Heston also advised you that, the day after he retired, he withdrew the following amounts from his superannuation fund to pay-off his home mortgage:

Superannuation lump-sum benefit of $250,000, comprising:
       Tax free component                                                                                                     12,000
       Taxable component (taxed in the fund)                                                                  238,000


PAYG withheld from the above amounts                                                                         15,565

Heston is single with appropriate private patient hospital cover and has no other income or deductions.

Required:
i)     Calculate his taxable income for the year ended 30 June 2021. Show all working.
                                         
ii)    Calculate his net tax payable or refundable for the year ended 30 June 2021. Show all working.

Answer rating: 100% (QA)

i Taxable income for the year ended 30 June 2021 Gross wages 47000 Unused an... View the full answer