Agnes, a resident taxpayer, has a taxable income of $50,000 for the income tax year ended 30 June 2018, with PAYG instalments of $13,860 deducted by her employer. She has no dependents and no allowable deductions. What will her net tax to pay or refund be (ignore Medicare Levy)?

Agnes, a resident taxpayer, has a taxable income of $50,000 for the income tax year ended 30 June 2018, with PAYG instalments of $13,860 deducted by her employer. She has no dependents and no allowable deductions. What will her net tax to pay or refund be (ignore Medicare Levy)?

FINANCIAL ACCOUNTING

10th Edition

ISBN:9781259964947

Author:Libby

Publisher:Libby

Chapter1: Financial Statements And Business Decisions

Section: Chapter Questions

Problem 1Q

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Fringe Benefit Tax

Fringe benefits are in addition to the compensation that companies give to their employees. It is an additional benefit above the stated salary. It helps to keep the employees of the firm motivated as sometimes the only salary is not enough to retain the quality employees of the firm. There are different types of fringe benefits. Fringe benefits are given in both private as well as public enterprises.

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