Hi all,
Looking at buying my first property but wanting to do the numbers first.
I am not sure if my net surplus calculation is correct for the budget spreadsheet i am working on. I have inputted my gross income then subtracted the estimated property loss and other work related expenses to get my taxable income. Then I calculated my disposable income after tax. I have then subtracted all my living expenses (including the monies required to hold the property out of my own pocket). Following this, I have added back non-cash expenses such as depreciation to arrive at my net surplus. Is this correct?
What is throwing me off is whether I need to subtract the work related expenses/property loss from the disposable income because I am only getting a tax benefit of say 20% on this expenditure. I am trying to arrive at my net cash position after tax and living expenses.
Any feedback is greatly appreciated.
Thanks.
Too tough the way you have described it. <moderator: delete advertising>
But here is how I do a roughieAll investment related losses Say $1,000
All income PAYG $1,000
Investment $2,000Total Income $3,000
Income less Losses = $3,000 – $1,000
Real income $2,000
Tax already paid $100
Tax on real income $80
Tax refund $20
Regards
NickHi Nick,
I have emailed you.
Cheers
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