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During the income year ended 30 June 2019/20 Nicholas, a resident, received salary and wages income...

During the income year ended 30 June 2019/20 Nicholas, a resident, received salary and wages income of $35,000, interest income of $3,000, an exempt compensation payment of $23,000, commission income of $4,000, a Living Away from Home Allowance (LAFHA) of $20,000, an Overtime Allowance $2,000 and a rental loss of $9,000. Assuming that he has PAYG (W) of $6,000. Ignore tax offsets. Required: what is Nicholas tax payable / refund (Please show all workings)

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Expert Solution

sOL:

Taxable Income 38000
Income Tax 4165
Income Tax Bracket
From To Rate Defferential Amount Tax
0 19750 10% 10% 38000 3800
19751 80250 12% 2% 18249 364.98
80251 171050 22% 10% -42251 -4225.1
171051 326600 24% 2% -133051 -2661.02
326601 414700 32% 8% -288601 -23088.1
414701 622050 35% 3% -376701 -11301
622051 37% 2% -584051 -11681

ekkarill92 answered 2 years ago
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