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Calculate ted taxable income and tax refund

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Assignment - Case Study Solution

Case One

Helen Freeman, aged 58, received an employment termination payment of $740 000 on 1April 2013. Her employment service period is 11 688 days of which 821 days relate to service prior to 1July 1983.

What is the tax payable (excluding the Medicare levy) on Helen's employment termination payment for the 2012/13 tax year?

Case Two

Ted Mansfield, aged 55, is married with children. Ted derived $92 000 in salary and received $3820 in fully franked dividends ($1637 franking credits attached).

His deductions, which all relate to earning his salary, totalled $5780. Ted's wife Shiree, aged 47, was unable to work during the 2012/13 tax year due to full-time childcare.

Ted has adequate private hospital health insurance cover. Tax withheld during the 2012/13 tax year on Ted's salary totalled $29 985.02. Assume that there is no entitlement to or claim for any family tax benefits during the 2012/13 tax year.

On the basis of this information, calculate Ted's taxable income and tax refund for the 2012/13 tax year.

Reference no: EM131585265

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