Australian Taxation law Australian Taxation law Australian

Australian Taxation law !!!!!!

Australian Taxation law !!!!!!

Australian Taxation law !!!!!!

Question 3 10 Marks You client, Rob, has the following income and deductions for the financial year ended 30 June 2017: salary, $32,000; bank interest received, $150; and allowable deductions for special work clothing, $450. Rob\'s employer has deducted $2600 as PAYG tax from his salary during the year Calculate Rob\'s income tax payable or refundable.

Solution

Particulars AUD Assessable Income Gross Salary 32000.00 Bank Interest income 150.00 Total Assessable income 32150.00 Allowable deductions Special work clothing 450.00 Total allowable deductions 450.00 Total taxable income 31700.00 Tax on taxable income upto 18,200 0.00 above 18200(13500*19%) 2565.00 2565.00 Pay As You Go(PAYG) tax deducted 2600.00 Net tax refundable 35.00