Sid Gallen is a single resident taxpayer, aged 59. On 15 April 2020, 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 amounts:

Unused Annual Leave (post 17/8/93) $6800

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 tax withheld of $41,000). Sid has no private health insurance and does not have any dependent children.

1. Calculate Sid's taxable income for the 2019/20 year

2. Calculate tax payable or refundable in the 2019/2020 tax year

Answer rating: 100% (QA)

To calculate Sids taxable income and tax payablerefundable for the 201920 tax year we need to follow ... View the full answer