Ok so im working out my refund at the moment. Lets just say I earnt (lets call it $X) over 30,000. so according to the tax brackets:
Taxable income Tax on this income
$1 – $6,000 Nil
$6,001 – $30,000 15c for each $1 over $6,000
$30,001 – $75,000 $3,600 plus 30c for each $1 over $30,000
$75,001 – $150,000 $17,100 plus 40c for each $1 over $75,000
$150,001 and over $47,100 plus 45c for each $1 over $150,000
I have to pay $3,600 plus .30 for each $1 over $30,000
So I multiply $X by 0.30.
I add that amount to $3,600, and that’s how much I have to pay (lets call it value A). Then I take what tax I HAVE paid, subtract value A, and that’s my refund?
If so, I get Quite a bit back!