The following question is based on the material in Chapter 2 of the textbook Prepare Tax Documentation for Individuals:

Q

(Assessable Income - Income from various sources)

During the 2017/18 tax year, Selina Matterson (a single resident taxpayer, aged 41) has the following receipts:

• Net salary (after $18,000 PAYG tax withheld) $55,000
• Fully franked dividend from PPP Ltd $9,800 (with franking credit $4,200)
• Unfranked dividend from QQQ Ltd $900
• Net interest received $954 (after $846 no TFN tax withheld)
• Selina had no deductions
• She was covered by private hospital insurance

Required:

Calculate Selinas taxable income for the 2017/18 tax year.

Calculate Selinas net tax payable/refundable (including Medicare Levy) for the 2017/18 tax year.

Show your workings.