2007 Basic Course Chapter 7 Question 3

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Filling out the I Form

Item number	Amount	Code	Notes and calculations
Income
1	7563 35976
2	3018		2898+120
10	32
Total tax withheld	7563
Assessable income	39026
Deductions
D1	3350	S	5000 x 0.67
D3	252	P	108+(48w x 3 x 1)
D5	454		426+28
D10	126		109+(25km x 0.67)
Total deductions	4182
Taxable income	34844		Assessable income MINUS Total deductions
Tax offsets
Total tax offsets
Other
M2	N 365 days

Tax calculation

Taxpayer's name Daniel MASTERS
Taxable income 34844 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] The award transport allowance claim (item D2) would be 2898 x 7.60/10.50 = 2098. The taxpayer cannot make two claims for the same travel, and so the D1 set rate claim is made since it gives a bigger deduction.

2] In the tax legislation the 5000km limit is on a per car basis, and only applies to travel related to earning assessable income. Hence travel by car to and from the tax agent is claimable, even though 5000km have already been claimed.