2007 Basic Course Chapter 6 Question 6

Front page – postal address should be PO box.

Item number	Amount	Code	Notes and calculations
Income
1	19028 72953
9	3054
10	77		(136 x 50%)+9
11T	462
11U	198
12U	193	M	386 x 50%
21	1920		5760 x 1/3
Total tax withheld	19028
Assessable income	75803
Deductions
D4	1944	K
D5			430+152+107+156
Total deductions	2789
Taxable income	73014		Assessable income MINUS Total deductions
Tax offsets
Total tax offsets
Other
Private health insurance	MBP 2839049928	A
Spouse details
M2	N 0 days		2 dependent children

Tax calculation

Taxpayer's name Richard WISEMAN
Taxable income 73014 Threshold 6000
Basic tax payable		17254.20	Notes and calculations
Tax offsets
	MINUS total
	Subtotal		Must not be less than zero
Levies etc
Medicare levy	1095.21		73014 x 1.5%
Medicare surcharge	760.68		(73014+3054) x 1.0%
HELP
SFSS
	PLUS total	1855.89
Tax credits
TIDs (PAYG withholding)
Franking credits
TFN tax
Foreign tax credit
PAYG instalment credit
Private health ins offset
Baby bonus
balance payable or refund due			REFUND

NOTES

1] Note that M is the code for a cash management trust.

2] A teacher would also have a deductible registration fee.

3] Remember that the Medicare surcharge income includes RFBs, while the basic Medicare calculation is applied to taxable income alone.