Discuss marylin bring to account as assessable income

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Q1. On 23 April 2016 Marylin received a lump sum benefit from her complying superannuation plan. The benefit is for $300,000, made up of a $190,000 tax free component and $110,000 taxable component paid from an element taxed in the fund. Marylin was born on 1 September 1959. Based on this information what amount will Marylin bring to account as assessable income?

Q2. Ms Chew is a resident taxpayer, 58 years of age and single. She worked for Oricson for 20 years but because of a downturn in the economy her employment was terminated on 1 July 2015. Ms Chew received a payout of $70,000 in recognition of her contribution to the Company. Ms Chew has not received a previous Employment Termination Payment and has no other taxable income for the year ended 30 June 2016. Based on this information how much tax will she pay including Medicare levy?

Q3. On 23 April 2016 Marylin received a lump sum benefit from her complying superannuation fund. The benefit is for $300,000, made up of a $190,000 tax free component and $110,000 taxable component paid from an element taxed in the fund. Marylin was born on 1 September 1943. Based on this information what amount will Marylin bring to account as assessable income?

Reference no: EM131815936

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