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Compute tax calculation under averaging

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(Tax calculation under averaging)

Rikki Teabridge had the following income during the 2017/18 tax year:

Net Business Income from Primary Production               $35,000

Gross Wages from part-time job at local supermarket  $20,000

  • Rikki's average income was $20,000.
  • Rikki had no other assessable income or deductions.
  • PAYG tax of $2,000 was withheld from Rikki's wages.
  • Rikki is covered by adequate private health insurance.

Required:

Question 1: Complete the following statement showing Rikki's tax payable for the 2017/18 tax year including any averaging adjustment.

Notes/Workings (if any)

Tax on Average Income

Rikki's average income is           $20,000

Tax on                                  $20,000

                                                $342

Comparison of Tax Rate

342/20,000 x 100/1

1.71%

Reference no: EM132469871

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