2007 Basic Course Chapter 3 Question 5

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Filling out the I Form

Item number	Amount	Code	Notes and calculations
Income
1	4843 16522
2	235
3R	1477	T	A lump sum A paid on retirement, provided that the tpayer was employed by the company before August 18 1993, is coded T.
6	3267
7	563 4933		SUPER PENSION
10	284
11T	510		210+300
11U	218		90+128
12U	1385	I	Code for a family investment trust.
19E & 19L	1260	P	Code P means that foreign pension income is included in 19L.
Total tax withheld	5406
Assessable income	30091
Deductions
Total deductions
Taxable income			Assessable income MINUS Total deductions
Tax offsets
T2 N		A
Total tax offsets
Other

Tax calculation not required.

Taxpayer's name Margit KRAUS
Taxable income Threshold 6000
Basic tax payable		Notes and calculations
Tax offsets
	MINUS total
	Subtotal	Must not be less than zero
Levies etc
	PLUS total
Tax credits
TIDs (PAYG withholding)
Franking credits
TFN tax
Foreign tax credit
PAYG instalment credit
Private health ins offset
Baby bonus
Other
	MINUS total
balance payable or refund due		REFUND

NOTES

1] At item 7 you write SUPER PENSION, or FIXED TERM ANNUITY etc. You do not write the name of the fund paying the pension.

2] Note the codes for label 12U, which were given after the answer to question 4.