2007 Basic Course Chapter 7 Question 4

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Filling out the I Form

Item number	Amount	Code	Notes and calculations
Income			DISCOUNT EMPLOYEE SHARES 5000 x 0.25 = 1250 He signed a 139E election, and so only need declare 1250 – 1000 = $250 (Discount declared in year of issue category 2 income; discount declared in a later year category 1 income). ITEM D1 3830/0.65 = 5892km traveled for work. Set rate = 5000 x 0.67 = 3350 12 per cent = 36,895 x 12% = $4427 ITEM D2 Malaysia: $90 meals $25 incid. daily Claim: $520 accom. (receipts) 115 x 4 = $460 TOTAL $980
74 239 271 883 1	29860 95388
2	4830		3830+1000
9	4835
10	2451		See worksheet
11S	50
22 category 2	250
Total tax withheld	29860
Assessable income	102969
Deductions
D1	4427	T
D2	980
D3	110	P
D5	84		38+46
Total deductions	5601
Taxable income	97368		Assessable income MINUS Total deductions
Tax offsets
Total tax offsets
Other
Private health insurance	MBP 1234	A
M2	N 0 days		One child
Spouse details			T.I. 2413

Tax calculation

Taxpayer's name Graeme MILLER
Taxable income 97368 Threshold 6000
Basic tax payable		26797.20	Notes and calculations
Tax offsets
	MINUS total
	Subtotal		Must not be less than zero
Levies etc
Medicare levy	1460.52		97368 x 1.5%
Medicare surcharge	1022.03		(97368+4835) x 1.0%
HELP	1109
SFSS
	PLUS total	3591.55
Tax credits
TIDs (PAYG withholding)	29860
Franking credits
TFN tax
Foreign tax credit
PAYG instalment credit	698
Private health ins offset
Baby bonus
Other
	MINUS total	30558.00
balance payable or refund due		169.25	REFUND