Calculate Selina taxable income for the tax year

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Question - Assessable Income - Income from various sources

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 -

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

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

Reference no: EM132614660

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