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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 by Damo_R34
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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 said:
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?

  Hotwire said:
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.

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.

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.

  rad33 said:
i just did mine on the calculator :D

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.

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.

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.

  Nightcrawler said:
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!

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