Hi All,
I am reviewing a portfolio spreadsheet that I did up and am unsure if I have the tax percentage formula correct.If I am in the 30% tax bracket should I put 30% in to the formula or is that not the true percentage due to no tax on the first 6k and another percentage up to 18K?
Thanks
No it wouldnt work like that because you only pay 30% tax on income over $37,000.
Tax rates 2010-11[2]
Taxable income Tax on this income Effective Tax Rate $0 – $6,000 Nil 0% $6,001 – $37,000 15c for each $1 over $6,000 0% – 12.6% $37,001 – $80,000 $4,650 plus 30c for each $1 over $37,000 12.6% – 21.9% $80,001 – $180,000 $17,550 plus 37c for each $1 over $80,000 21.9% – 30.3% $180,001 and over $54,550 plus 45c for each $1 over $180,000 30.3% – 45% Terryw | Structuring Lawyers Pty Ltd / Loan Structuring Pty Ltd
http://www.Structuring.com.au
Email MeLawyer, Mortgage Broker and Tax Advisor (Sydney based but advising Aust wide) http://www.Structuring.com.au
Thanks Terry.
Is there any formula going around to put into an excel spreadsheet?
I have often wondered how to do this formula myself. But I am not that good on excel so I would work it out in stages.
there is a way to do it though.
Can anyone else help?
Terryw | Structuring Lawyers Pty Ltd / Loan Structuring Pty Ltd
http://www.Structuring.com.au
Email MeLawyer, Mortgage Broker and Tax Advisor (Sydney based but advising Aust wide) http://www.Structuring.com.au
i have searched hours for the formula with no avail, i keep trying to make it but fail each time!
would love to see one or if i success i will post it here
Josh
found this one on google
http://www.investmentpropertycalculator.com.au/free-australia-personal-income-tax-calculator.htmlThis may help you work out the formula, or may be usable in itself.
And I recall I have used these spreadsheets before. There are heaps of good ones on this website including many property related ones.
Terryw | Structuring Lawyers Pty Ltd / Loan Structuring Pty Ltd
http://www.Structuring.com.au
Email MeLawyer, Mortgage Broker and Tax Advisor (Sydney based but advising Aust wide) http://www.Structuring.com.au
I have a spreadsheet where you input your income and it works out the tax paid and the HECS you need to pay (if you have a HECS debt)- its just a whole bunch of if statements. PM me with your email address if you would like a copy and I will send it over.
Cheers,
Lue
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