Reference no: EM132559164
Question - Various offsets - refundable and non-refundable tax offsets
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 - Calculate Meghan's taxable income and net tax payable for the 2017/18 tax year.
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