G'day all…
I have two investment properties and am just trying to figure out on paper what sort of figure my tax return will give me. Does anybody know a really easy way to calculate tax returns based on using negative gearing. Any help would be fantastic….cheers
tuggerwaugh
not that this is overally easy but it has helped me do some basic calculations. Have a look at http://calculators.ato.gov.au/scripts/asp/simpletaxcalc/main.asp I put in my annual income as it stands today to work out how much tax I would pay. I then work out how much tax I could claim on a property and then deduct that from my annual income and use that figure on the calculator. The difference is your refund.
What I struggle with is working out how much depreciation etc you can claim from a property.
Cheers
BenG'day PAPS…
thanks for that…not a bad little calculator…cheers
tuggerwaugh
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