Reference no: EM132584430

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.

Note: ( When we calculate the taxable income we should include the gross interest rather than the Net interest received ).

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