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Individual - Sample personal income tax calculation
Last reviewed - 29 June 2023
Year ended 30 June 2024.
Resident individual earning both Australian and foreign sourced income.
During the income year, the individual sold an investment property which had been held for greater than 12 months and realised a capital gain. There were no net capital losses carried forward from prior years. Prior to disposal, the individual derived rental income from the property, and incurred interest costs in connection with borrowings to acquire the property.
The individual has full private patient hospital cover for the entire income year, and therefore is not liable for the Medicare levy surcharge.
Australian sourced rental income
Australian sourced interest income
Australian sourced dividend income:
Fully franked (net)
Gross up for franking credits (700 x 30/70)
Foreign sourced dividend income (gross of WHT of AUD 200)