Robert is a resident and during the 2020 tax year he derived $86,000 in salary from which $25,800 in PAYG withholding was deducted. He also received $400 in bank interest and he also received a fully franked dividend of $2,100 that had $900 in franking credits attached. Robert incurred $3,400 in various work related expenses for which he has kept the required documentation and which are all fully deductible. Robert also has a HELP debt of $10,200. What is Robert's taxable income and will be receive a tax refund or have a balance of tax to pay?

Question

Quizplus · Accepted Answer

Robert's taxable income is $60,200 ($86,000 - $25,800 - $3,400). His tax payable is $10,232 ($60,200 x 0.17). His HELP repayment is $10,200. Therefore, he will receive a tax refund of $1,403 ($10,232 - $10,200).

Robert Is a Resident and During the 2020 Tax Year