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(Comprehensive calculation for a prescribed person) 

Ron Veldhuis is aged 16 and is currently studying full-time at high school whilst living with his parents. 

During the 2017/18 tax year, Ron received the following amounts:    $ 

Gross Wages from part-time job (PAYG tax withheld $800)    4,700 

Gross Interest received on fund given by his parents (TFN withheld $4,900)    10,000 

Income Distribution from Estate of Late Aunt    7,500 

Income Distribution from Family Trust (tax paid by Trustee $1,500)    6,000 

Unfranked Dividend from shares in QQQ Ltd (these were bought with funds from previous Family Trust distributions)    1,200 



(a) For the purposes of Div 6AA, how much excepted assessable income has Ron derived? 

Expected Income = Wages + Distribution from Estate 

                               =   4700 + 7500 

                               =   $ 12200 

(b) For the purposes of Div 6AA, how much eligible assessable income has Ron derived? 

Eligible Income = Interest + Trust + Unfranked Dividend 

                                   =   10000 + 6000 + 1200 

                                   =   $ 17200 

(c) Calculate net tax payable by Ron for the 2017/18 tax year. 

Expected assessable Income $ 12200 tax on ordinary rates - Nil 

Eligible assessable Income $ 17200 on div 6AA tax rates - 45% = $ 7740 

+ Medicare levy @ 2% on 29400 = $ 588 

Total income tax payable = $ 8328 

(-) Low Income tax offset = Nil 

(-) Pay G Tax withheld = $ 800 + $ 4900 + $ 1500 

                                        = $ 7200  

Net Tax payable = (8328-7200) 

                              = $ 1128 

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