In Australia, during the current income year Ricky who is a resident taxpayer, has the…

In Australia, during the current income year Ricky who is a resident taxpayer, has the following:
• a gross salary of $78,000 (PAYG tax withheld $16,500),
• a fully franked dividend of $2,000,
• an unfranked dividend of $2,000, and
• a 50% franked dividend of $700.
• no deductions.
• Calculate his taxable income and tax payable

– Calculation of Rafael’s taxable income by applying the statutory formula under s 4-15
ITAA 1997
– Calculation of Rafael’s tax liability per the ITRA 1986
– Calculation of the Medicare levy
– Calculation of Rafael’s Franking tax offset and PAYG tax withheld
– Calculation of income tax payable or refundable by applying the method in s 4-10 ITAA
1997

 
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