Question: Sid Gallen is a single resident taxpayer aged 59. On April 2022, it was mutually agreed that his appointment as head coach of the Lesser

Sid Gallen is a single resident taxpayer aged 59. On April 2022, it was mutually agreed that his appointment as head coach of the Lesser Eastern Sydney AFL Team would be terminated.

 

On termination, Sid received the following payments:

 

Unused Annual Leave (post 18/8/1983) $6,800

 

Severance Payment (including $31,255 PAYG tax withheld) $167,000

 

Reportable fringe benefit (the club allowed Sid to keep some air tickets that had been booked) $9,300

 

Sid had received a gross salary of $120,000 during the year up until the date of termination (PAYG withheld of $41,000). Sid has no private health insurance and does not have any dependents.

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Tax Calculation for Sid Gallen 202122 Income Year 1 Summary of Income and Benefits Received Component Amount Gross salary pretermination 120000 Unused ... View full answer

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