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Calculate Stan taxable income for the tax year

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Reference no: EM132692170

Question - Stan Eckhardt, aged 57, received a superannuation lump sum of $310,000 from his superannuation fund upon retirement on 15 April 2018. PAYG tax of $28,170 was withheld from the lump sum. The lump sum comprised entirely of an element taxed in the fund.

Stan also received gross wages of $85,000 up to the date of his retirement. PAYG tax of $22,110 was withheld from Stan's wages. Stan has adequate private health insurance.

Required -

a. Calculate Stan's taxable income for the 2017/18 tax year.

b. Calculate Stan's net tax payable or refundable for the 2017/18 tax year.

Reference no: EM132692170

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