Given:
Wally's taxable income = $122,680
Pay as you go tax he paid = $3000
Let's calculate Wally's tax refund, ignoring the Medicare Levy using the given table.
Using the table, to calculate Wally's tax for the year, we have:
Tax = ($20797 + (0.37 × ($122680 - 90000))
Tax = $20797 + ($0.37 × $32680)
Tax = $20797 + ($12091.60)
Tax = $32888.60
Wally's tax on his income is $32,888.60
But he has already paid $3000 as PAYG per month.
PAYG paid in one year = $3000 × 12 = $36,000
To find his tax refund, subtract the tax on his income from the amount already paid as PAYG.
Tax refund = $36,000 - $32,888.60 = $3111.40
Therefore, Wally's tax refund will be $3,111.40
ANSWER:
$3,111.40