Question: Steven earns a wage of $65,000 per year, has allowable work-related expenses of $1,700 and earns bank interest of $950.

Question:

Steven earns a wage of $65,000 per year, has allowable work-related expenses of $1,700 and earns bank interest of $950. Steven bought some shares for $6,500 two years ago and sold them for $10,000, making a capital gain of $3,500 for the current year. Last year he made a $1,500 loss on the sale of some shares and this was carried forward unused. Steven had an amount of $15,750 withheld as PAYG tax during the year. 

a) Assessable Income

b) Taxable Income and Tax on Taxable Income

c) Low Income Tax Offset (LITO)

d) Medicare Levy

e) Tax Payable or Refundable for the year ended 30 June 2018. Required: Using Excel Spreadsheet Calculate Steven’s 

Question:

For the year ending 30 June 2018, Justin Masonry’s payment summary shows a gross salary of $39,050, with PAYG withholding tax deductions of $7,000. Justin had quoted her TFN to her employer. She also received net bank interest of $535 after the bank had deducted $465 from the interest payable on a fixed-interest term deposit. Justin had not quoted her TFN to the bank. Her allowable deductions were bank fees and charges of $50 and work related expenses of $600. 

Required: Using Excel Spreadsheet Calculate Justin’s 

a) Assessable Income

b) Taxable Income and Tax on Taxable Income

c) Low Income Tax Offset (LITO)

d) Medicare levy

e) Tax Payable or Refundable for the year ended 30 June 2018. 

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