2007 Basic Course Chapter 10
Question 2
Front page
Filling out the I Form
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Item
number |
Amount |
Code |
Notes
and calculations |
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|
Income |
|
|
|
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|
7 |
20860 |
|
LIFETIME ANNUITY |
||
|
10 |
11652 |
|
11628+(48 x 50%) |
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|
11T |
420 |
|
|
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|
11U |
180 |
|
|
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12U |
12Q
90.79 358 |
U |
|
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17A |
330 |
|
17H 612 |
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19E
& 19M |
2.15 12 |
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|
|
|
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Assessable income |
33812 |
|
|
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Deductions |
|
|
|
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|
D10 |
108 |
|
|
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|
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Total deductions |
108 |
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SPOUSE OFFSET SNI
= (4826+24+420) – (510 x 0.55) = 4989 1655
– (4989 – 282)/4 = 479 (round up) SPOUSE
T.I. is 4826+24+420+180 = 5450 |
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|
Taxable income |
33704 |
|
Assessable income MINUS Total deductions |
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|
Tax
offsets |
|
|
|
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|
T1 |
479 |
|
|
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T2 N |
|
E |
|
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T3 |
3129 |
|
20860 x 15% |
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T5 |
221 |
|
632 x 35% since he is over 65y |
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|
Total tax offsets |
3829 |
|
|
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|
Other |
|
|
|
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|
Private
health insurance |
HBA 1256829 |
A |
|
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|
M2 |
N 365 days |
|
|
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Spouse
details |
|
|
T.I. 5450 SNI
4989 |
Tax calculation
|
Taxpayer's name Jerome Sidney MARKHAM |
|
|
|||
|
Taxable income 33704 Threshold 6000 |
|
||||
Basic
tax payable
|
|
5461.20 |
Notes
and calculations |
|
|
Tax
offsets
|
|
|
|
|
|
|
Spouse |
479 |
|
|
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|
Senior Australians |
|
|
|
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|
Super pension |
3129 |
|
|
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|
|
|
|
|
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|
MINUS
total |
3608 |
|
|
|
|
|
Subtotal |
1853.20 |
Must not be less than zero |
|
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Levies
etc
|
|
|
|
|
|
|
Medicare levy |
505.56 |
33704 x 1.5% |
|
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|
Medicare surcharge |
|
|
|
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|
|
PLUS
total |
505.56 |
|
|
|
Tax
credits
|
|
|
|
|
|
|
TIDs (PAYG
withholding) |
|
|
|
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|
Franking credits |
270.79 |
|
|
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|
TFN tax |
|
|
|
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|
Foreign tax credit |
2.15 |
|
|
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|
PAYG instalment credit |
2232 |
|
|
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|
Private health ins offset |
221 |
632 x 35% since > 65y |
|
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|
Baby bonus |
|
|
|
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|
Other |
|
|
|
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|
|
MINUS
total |
2725.94 |
|
|
|
|
balance
payable or
refund due |
|
367.18 |
REFUND |
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