Reference no: EM132737398
Question - Ahmed, an Australian resident, was made redundant on 30th June 2020 at the age of 58. He had been employed at the company for 14 years and 9 months. His taxation records for the year ended 30th June 2020 revealed the following:
Gross wages up to redundancy $65,000 (PAYG withheld $18,400)
Interest on savings account held jointly with spouse $4,200
Genuine redundancy payment $93,000
Lump sum received from his superannuation fund:
Taxable component (element taxed in the fund) $372,000 (PAYG withheld $26,000)
Ahmed has adequate private health insurance cover for the year.
Required - For the year ended 30 June 2020, Calculate Ahmed's
(a) Calculate Ahmed's taxable income?
(b) Calculate Ahmed's net tax payable or refundable?
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