Q5.3.5 (Taxable income from Australian and foreign sources) Yvette Jankic, a resident single taxpayer aged 31,...

Q5.3.5

(Taxable income from Australian and foreign sources)

Yvette Jankic, a resident single taxpayer aged 31, worked in New Zealand from 1 July 2017 until 15 November 2017 and has provided the following information for the 2017/18 tax year:

Receipts	$
Interest (net of TFN tax withheld $490)	510
Interest from United Kingdom (net of withholding tax $300)	2,700
Dividend from the U.S. state of Georgia (net of withholding tax $2,100)	3,900
Gross salary – Australian employment (PAYG tax $5,285 withheld)	21,000
Reportable fringe benefit as per PAYG Summary	6,252
Net salary – New Zealand employment (tax withheld $2,540)	12,650
Bonus from Australian Employer for exceptional performance	2,000

Payments	$
Interest and Dividend deductions relating to United Kingdom and Georgia investments	250
Work-related deductions relating to Australian employment	300

Note – Yvette does not have private health insurance.

Required:

Calculate Yvette’s taxable income for the 2017/18 tax year.

part A answer

Interest (510 + TFN tax withheld $490) = 1000

Interest - United Kingdom (2700 + net of withholding tax $300) = 3000

Dividend – Georgia (3900 + net of withholding tax $2,100) = 6000

Gross Salary – Australia 21,000

Gross Salary - New Zealand (not exempt) (12,650 + tax withheld $2,540) = 15,190

Bonus 2,000

Gross taxable Income = 48,190

Less: Investment Deductions 250

Work-related Deductions 300

Total deduction = 550

TAXABLE INCOME = 47,640

You have to use the same formatting for part a to do part b

Calculate Yvette’s net tax payable or refundable for the 2017/18 tax year.

Solutions

Expert Solution

ekkarill92 answered 1 year ago

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