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Calculate selina net tax payable or refundable

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Reference no: EM132580442

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:

Question 1: Calculate Selina's taxable income for the 2017/18 tax year.

Question 2: Calculate Selina's net tax payable/refundable (including Medicare Levy) for the 2017/18 tax year. Show your working

Reference no: EM132580442

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