2020 Homework Worksheets - Tax Calculation Worksheet PDF

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TAX CALCULATION SHEET Assessable Income (Items 1 - 24)

$

Less Allowable Deductions (Items D1 - D15 & Item L1)

$

Equals Taxable Income

$

A

TAX ON TAXABLE INCOME

$

Less Non- Refundable Tax Offsets (Items T1 to T10) Low Income Tax Offset

$

Low and Middle Income Tax Offset

$

Superannuation Tax Offset Lump Sum Tax Offset

$

SAPTO

$

Beneficiary Tax Offset

$

Life Assurance Tax Offset

$ $ $ $

TOTAL TAX OFFSETS (NOT TO EXCEED TAX ON TAXABLE INCOME) NET TAX PAYABLE (Tax on Taxable Income less Total Tax Offsets)

A-B

B

$

C

$

Add Medicare Levy

$

Medicare Levy Surcharge

$

Excess PHIR Entitlement

$

Study and Training Loan Repayment

$

D $

TOTAL ADDITIONS

C+D

NET TAX PAYABLE

E $

Less Tax Credits & Refundable Tax Offsets Tax Withheld

$

Tax Credits

$

PAYG Instalments

$

TFN Tax

$

PHI Offset

$

Franking Credits

$

TOTAL TAX CREDITS & REFUNDABLE TAX OFFSETS ESTIMATED TAX PAYABLE / REFUND

F $ $...