Its Group Cert Time!

[Damo_R34]

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!

Edited July 2, 2008 by Damo_R34

[Hotwire]

No its not that simple.

You have to do that, then have to calculate the Medicare levy, any reportable fringe benefits, and any HECS requirements you have.

Best bet is to use the Tax office online calculator at www.ato.gov.au

Link to calculator is here: link

[Damo_R34]

dont have fringe benefits, or hecs requirements.

[rad100]

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 $2,600 plus .30 for each $1 over $30,000

So I multiply $X by 0.30.

I add that amount to $2,600, 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!

u mean $3,600? hehehe

dont know were u got $2,600 from?

[Damo_R34]

edited. yeah i meant 3600.

[RubyRS4]

No its not that simple.

You have to do that, then have to calculate the Medicare levy, any reportable fringe benefits, and any HECS requirements you have.

Best bet is to use the Tax office online calculator at www.ato.gov.au

Link to calculator is here: link

Use the calculator. Do your return with a tax consultant or accountant, they'll squeeze your dollar for you.

[rad100]

i just did mine on the calculator

sucks when u break another bracket!! aww... pay some money for me!

[Damo_R34]

Ok so for all you haters i used the calculator and i was right, for the purposes of shits and giggles. I earnt under 50k and have no spouses or dependants so i dont have to pay the medicare surcharge. Mine is easy, money comes in, tax comes out. thats it.

[Evil34]

Hey Damo,

You will not have to pay the surcharge but you will have to pay the medicare levy which is 1.5% of your taxable income.

eg $40,000 = $600

you must add this onto the tax you have to pay on your income and then take off the tax you have paid and this will give you an approximate figure.

[Damo_R34]

yep done that, and very happy must i say!

[SHANE666]

i work in tax

refund calc done, tax return ready to send away as soon as i confirm details on my group cert!

[Nightcrawler]

i just did mine on the calculator

sucks when u break another bracket!! aww... pay some money for me!

I presume you refer to the common misconception, that if you bust into a higher tax bracket, then the whole amount of your income is taxed at that rate. This is incorrect - effectively only the amount of money over the previous threshold is taxed at the high rate.

[SHANE666]

lol yerp good point andy.

alot of people make that mistake.

[Inline 6]

you did use that etax free program right? thats pretty easy to use explains each step.

im not a tax specialists but you can claim somewhere around $300 of work relates expenses as dedutables without reciepts. its on the etax program when you look how much exactly just gota read through it slowly

creative accounting strikes again.

[SHANE666]

ato wont audit small fish in the sea.

if youre not earning much, i say claim as much as you can...

[JET_LAG]

damn i have had like 4 jobs in the last year lmfao

so cant use the calculator for working stuff out until i get my group cert's.

how long does it normally take bigger business's to send them out??

im hoping a month max.

[SHANE666]

you should get them within the first two weeks of july.

but some businesses are lazy bastards

[Hillzy]

For about 6 months of the last financial year I was working two jobs and getting taxed HARD on one of them.

I'm hoping I get some of that back. Damn I can't work out the damn tax system!

[Nightcrawler]

yeah you will get a hefty refund.

The 2nd job has to tax you are the marginal rate, on the presumption that you will reach the highest threshold in your 1st job.

I am sure you would complain much more if they had taxed you on your 2nd job at normal tax rates, and then at tax time hand YOU a hefty tax bill.

[Hillzy]

yeah you will get a hefty refund.

The 2nd job has to tax you are the marginal rate, on the presumption that you will reach the highest threshold in your 1st job.

I am sure you would complain much more if they had taxed you on your 2nd job at normal tax rates, and then at tax time hand YOU a hefty tax bill.

Ah that's good news. I can finally buy some tyres for my new wheels! yay!