Reference no: EM132743444

Meghan Royal, is a resident taxpayer aged 57, had the following transactions for the 2017/18 tax year:

RECEIPTS

Income Stream Benefit from a taxed superannuation fund (no PAYG tax was withheld) $ 17,000

Gross Wages (PAYG tax withheld $1,500) 22,000

Fully Franked Dividends 4,900

PAYMENTS

Private Health Insurance (reduced premium not taken) 3,000

Meghan did not have any deductions.

Meghan also wholly maintained her father Phillip for the whole year. Phillip did not have any adjusted taxable income and was not eligible for any government pensions.

Required:

Problem a. Calculate Meghan's taxable income and

Problem b. Net tax payable for the 2017/18 tax year.