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Assume Nicks current year taxable income is $168,176. Nick also paid quarterly PAYG instalments during...

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Accounting

Assume Nicks current year taxable income is $168,176. Nick also paid quarterly PAYG instalments during the year totalling $52,000 and received franking credits totalling $300.

Based on the above facts and relevant tax laws, what would be Nicks total applicable offsets and credits be for the year? (select the best answer)

Non-refundable tax offsets totalling $0.00 and refundable credits totalling $52,300.00.
Low Income Tax Offset = $0.00; refundable PAYG = $52,000.00
Low Income Tax Offset = $0.00; refundable FC = $300.00
Non-refundable tax offsets totalling $300.00 and refundable credits totalling $52,000.00.

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