John Smart, Australian resident aged 57, works at Coles Supermarket as a floor manager. John has the following receipts and expenses for the year ended 30/6/2019: RECEIPTS: Gross wages before salary sacrifice (PAYG tax $22,520 withheld) $ 81,000 Shift allowance received from employer 300 Uniform allowance received from Coles 400 Fully franked dividend received from Telstra 7,000 Unfranked dividend received from BHP 800 Lottery winning on Powerball 27 Bonus from Coles - employee of the year 200 EXPENSES: (all substantiated) College fees (currently studying in Diploma of Accounting) 3,500 Uniform purchases (Coles uniform with logo on uniform) 350 Donation to Red Cross 20 Laundry of the Coles uniform 70 Private insurance (extra cover only, no hospital cover) 600 Other information: John agreed to deduct $50 per week (total $2,600 for 2019 tax year) from his wages as a salary sacrifice Superannuation pre-tax deduction (This was included as reportable Superannuation on PAYG summary). John has a HELP liability of $48,000.

Calculate John's net tax payable/refundable for the 2019 tax year (include all tax offsets including HELP repayment and medicare levy/surcharge). Ignore Low income tax offset and Low/Middle Income tax offset.

Answer rating: 100% (QA)

Lets break down the calculation step by step Calculate Johns assessable income Gross wages before salary sacrifice 81000 Shift allowance 300 Uniform a... View the full answer