Question

(Superannuation lump sum and income stream)

On 14 August 2017, Tammy Gochi, aged 53, retired from her job as chief executive officer of Megacorp Limited to commence service as a volunteer for Whalepeace International. She received a superannuation lump sum of $160,000 which entirely comprised an element taxed in the fund. PAYG tax of $34,500 was withheld from the lump sum.

During the remainder of the 2017/18 tax year, Tammy also received a superannuation income stream benefit of $40,000 from the fund. PAYG tax of $9,780 was withheld from this amount. The entire amount was taxed in the fund.

Tammy’s only other income during the 2017/18 tax year was gross salary of $36,290 for the period up to the date of her retirement. PAYG tax of $9,035 was withheld by her employer. Tammy has private hospital insurance.

My answer for Part A

Wages = 36290   Super lump sum = 160,000 Sup income stream = 40,000 Total Assessable  income  is = 236290

Required for part b :   

b ) Calculate Tammy’s net tax payable or refundable for the 2017/18 tax year.

Q2 (Tax losses, partner in partnership)

The following data relates to Stephanie Garner, a resident taxpayer. Stephanie derives income from a public relations business and is also a partner in a marketing business.

	2015/16	2016/17	2017/18
Assessable business income	$ 93,400	$ 126,000	$ 133,400
General business deductions	80,000	129,000	119,200
Share of Partnership Net Income (Loss)	(21,800)	14,900	(5,600)
Superannuation and Gifts	4,000	11,000	8,000
Net exempt income	1,500	3,000	2,000

General business deductions are separate from personal superannuation, gifts, partnership losses and losses of previous years.

Please assume that the necessary tests have been satisfied such that any partnership losses from Stephanie's share in the marketing business may be deducted from other income as appropriate.

Required: For each year, determine Stephanie’s Taxable Income and any losses that may be carried forward.

This is my answer for 205/2016

	2015/16
Assessable business income	93400
Deduct :General business deductions	80,000
Income from Business	13,400
Share of Partnership Net Income (Loss)	-21,800
Gross Income G	-8,400
Less: Superannuation and Gifts S	0
Taxable Income A=G-S	-8,400
Deduct: Loss offset brought forward from prevoius year
Net Taxable Income	-8,400
working
Net exempt income B	1,500
Loss that can be carrid forward A+B	-6,900

I only need help for ( 2016/2017 and 2017/2018 )

Answer 1