|
For the year Ending 30 June 2018 |
||
|
a |
Calculation of Income Tax payable |
|
|
Particulars |
Amount |
|
|
Total Assessed Income |
$ 15,000.00 |
|
|
Total Income To be Taxed |
||
|
Till $18200 |
Exempted |
|
|
Tax Payable |
0 |
|
|
b |
Calculation of Income Tax payable |
|
|
Particulars |
Amount |
|
|
Total Assessed Income |
$ 15,000.00 |
|
|
Total Income To be Taxed |
||
|
Upto $87000 (32.5%) |
$ 4,875.00 |
|
|
Total Tax Payable |
$ 4,875.00 |
|
|
c |
Calculation of Income Tax payable |
|
|
Particulars |
Amount |
|
|
Total Assessed Income |
$ 15,000.00 |
|
|
Total Income To be Taxed |
||
|
rate 30% |
$ 4,500.00 |
|
|
Total Tax Payable |
$ 4,500.00 |
|
|
d |
Calculation of Income Tax payable |
|
|
Particulars |
Amount |
|
|
Total Assessed Income |
$ 1,55,000.00 |
|
|
Total Income To be Taxed |
||
|
Upto $87000 |
$ 19,822.00 |
|
|
above $87001 @37% |
$ 25,160.00 |
|
|
Total Tax Payable |
$ 44,982.00 |
|
|
e |
Calculation of Income Tax payable |
|
|
Particulars |
Amount |
|
|
Total Assessed Income |
$ 1,55,000.00 |
|
|
Total Income To be Taxed |
||
|
Upto $87000 |
$ 28,275.00 |
|
|
above $87001 to $180000 |
$ 25,160.00 |
|
|
Total Tax |
$ 53,435.00 |
|
|
f |
Calculation of Income Tax payable |
|
|
Particulars |
Amount |
|
|
Total Assessed Income |
$ 1,55,000.00 |
|
|
Total Income To be Taxed |
||
|
Tax rate 30% |
$ 46,500.00 |
|
|
Total Tax |
$ 46,500.00 |
|
|
g |
Calculation of Income Tax payable |
|
|
Particulars |
Amount |
|
|
Total Assessed Income |
$ 2,55,000.00 |
|
|
Total Income To be Taxed |
||
|
Till $180000 |
$ 54,232.00 |
|
|
Over $180000 |
$ 33,750.00 |
|
|
Total Tax Payable |
$ 87,982.00 |
|
|
h |
Calculation of Income Tax payable |
|
|
Particulars |
Amount |
|
|
Total Assessed Income |
$ 2,55,000.00 |
|
|
Total Income To be Taxed |
||
|
Till $180000 |
$ 62,685.00 |
|
|
Over $180000 |
$ 33,750.00 |
|
|
Total Tax |
$ 96,435.00 |
|
|
i |
Calculation of Income Tax payable |
|
|
Particulars |
Amount |
|
|
Total Assessed Income |
$ 2,55,000.00 |
|
|
Total Income To be Taxed |
||
|
Tax rate 30% |
$ 76,500.00 |
|
|
Total Tax |
$ 76,500.00 |
|
|
j |
Calculation of Income Tax payable |
|
|
Particulars |
Amount |
|
|
Total Assessed Income |
$ 100.00 |
|
|
Total Income To be Taxed |
||
|
Tax rate 27.5% |
$ 27.50 |
|
|
Total Tax |
$ 27.50 |
|
Medicare Levy and Medicare Levy Surcharge |
||
|
year Ending 30 June 2018 |
||
|
a |
Calculation of Medicare Levy and Medicare surcharge payable |
|
|
Particulars |
Amount ($) |
|
|
Taxable Income |
$ 18,000.00 |
|
|
Medicare Levy |
0 |
|
|
Medicare Levy Surcharge |
0 |
|
|
Medicare Levy and Surcharge |
0 |
|
|
Here the Australian resident aged 25 years do not exceed the minimum threshold of medical levy |
||
|
b |
Levy and Medicare surcharge payable |
|
|
Particulars |
Amount ($) |
|
|
Taxable Income |
$ 32,000.00 |
|
|
Medicare Levy |
0 |
|
|
Medicare Levy Surcharge |
0 |
|
|
Medicare Levy and Surcharge |
0 |
|
|
Here the senior Australian resident years do not exceed the minimum threshold of medical levy |
||
|
c |
Medicare Levy and Medicare surcharge |
|
|
Particulars |
Amount ($) |
|
|
Taxable Income |
45000.00 |
|
|
Medicare Levy |
900.00 |
|
|
Medicare Levy Surcharge |
0.00 |
|
|
Medicare Levy and Surcharge |
900.00 |
|
|
d |
Medicare Levy and Medicare surcharge |
|
|
Particulars |
Amount ($) |
|
|
Taxable Income |
45000.00 |
|
|
Medicare Levy |
0.00 |
|
|
Medicare Levy Surcharge |
0.00 |
|
|
Medicare Levy and Surcharge |
0.00 |
|
|
Exempted: Foreign resident for full year |
||
|
e |
Medicare Levy and Medicare surcharge |
|
|
Particulars |
Amount ($) |
|
|
Taxable Income |
2500000.00 |
|
|
Medicare Levy |
0.00 |
|
|
Medicare Levy Surcharge |
0.00 |
|
|
Medicare Levy and Surcharge |
0.00 |
|
|
Exempted: |
||
|
f |
Medicare Levy and Medicare surcharge |
|
|
Particulars |
Amount ($) |
|
|
Taxable Income |
$ 1,10,000.00 |
|
|
Medicare Levy |
$ 2,200.00 |
|
|
Medicare Levy Surcharge |
0 |
|
|
Medicare Levy and Surcharge |
$ 2,200.00 |
|
|
g |
Medicare Levy and Medicare surcharge |
|
|
Particulars |
Amount ($) |
|
|
Taxable Income |
110000.00 |
|
|
Medicare Levy |
2200.00 |
|
|
Medicare Levy Surcharge |
27.50 |
|
|
Medicare Levy and Surcharge |
2227.50 |
|
|
h |
Medicare Levy and Medicare surcharge |
|
|
Particulars |
Amount ($) |
|
|
Taxable Income (Victor and Jackie) |
150000.00 |
|
|
Medicare Levy |
3000.00 |
|
|
Medicare Levy Surcharge |
45.00 |
|
|
Medicare Levy and Surcharge |
3045.00 |
|
|
i |
Medicare Levy and Medicare surcharge |
|
|
Particulars |
Amount ($) |
|
|
Taxable Income |
185000.00 |
|
|
Medicare Levy |
3700.00 |
|
|
Medicare Levy Surcharge |
55.50 |
|
|
Medicare Levy and Surcharge |
3755.50 |
|
|
j |
Minimum Threshold |
|
|
Particulars |
Amount ($) |
|
|
Minimum Threshold |
1800000.00 |
|
|
Threshold increase for a child |
1500.00 |
|
|
Child after first |
3.00 |
|
|
Increase in Threshold |
4500.00 |
|
|
Total Minimum Threshold |
1804500.00 |
|
Rob’s Income |
|
|
Year ending 30 June 2018 |
|
|
Particulars |
Amount ($) |
|
Salary |
32000 |
|
Bank Interest |
150 |
|
Pay G |
2600 |
|
Assessable Income |
34750 |
|
Deductions |
|
|
Work Clothing |
450 |
|
Allowable Deductions |
450 |
|
Taxable Income as per 4-15 ITAA 1997 |
34300 |
|
Tax under ITRA 1986 |
3059 |
|
Medicare levy |
686 |
|
Pay G |
2600 |
|
Total Tax payable |
1145 |
|
Rafael’s Income |
|
|
Year ending 2018 |
|
|
Particulars |
Amt ($) |
|
Assessable Income |
68000 |
|
Fully franked dividend |
2000 |
|
Franking credit |
600 |
|
Un franked Credit |
1400 |
|
Franked Dividend 60% |
900 |
|
Franking credit |
162 |
|
Un franked Credit |
738 |
|
Un franked Dividend |
1000 |
|
Assessable Income |
70900 |
|
Income as per 4-15 ITAA 1997 |
70900 |
|
Tax as per tax rates |
14589.5 |
|
Medicare Levy |
1438 |
|
Franking credit to be reduced |
762 |
|
PAYG to be reduced |
15100 |
|
Final Tax |
490.50 |
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