Problem
Jim Dough, a single resident taxpayer, received the following amounts from investments during the 2017/18 tax year:
Fully Franked Dividends - Dynamic Ltd (franking credit $9,000) $ 21,000
Partly Franked Dividends - Static Ltd (franking credit $2,400) 15,000
Unfranked Dividends - Lost Ground Ltd 20,000
Jim had no other income or deductions during the year.
Task
• Calculate Dough's taxable income for the 2017/18 tax year.
• Calculate Dough's net tax payable or refundable for the 2017/18 tax year.