FNSACC601 - Task 6 – Tax Free Threshold & Medicare Levy Surcharge

Task 6 – Tax Free Threshold & Medicare Levy Surcharge

Calculate the tax-free threshold for the following individuals for the year ended 30 June 2018. Use months rather than days in your calculations and show all your workings.

2016. Starr is single, aged 39 and became an Australian resident on 1 October
2017. Brendan is married, aged 42 and has no private health insurance. He ceased to be an Australian resident on 1 December

Calculate the Medicare levy surcharge for the following individuals for the year ended 30 June 2018.

1. Murray is a single 42 year Murray received wages of $89,000, allowable deductions of $3,000, had reportable fringe benefits of $18,000 and a net investment loss of $4,000 for the year ended 30 June 2018.
2. Bella is single and has a taxable income of $110,000, reportable fringe benefits of $40,000 for the 2018 tax year