All Topics / Legal & Accounting / Excel Spreadsheet Tax Percentage

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  • Profile photo of fredo_4305fredo_4305
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    @fredo_4305
    Join Date: 2009
    Post Count: 336
    June 25, 2011 - 6:38 am

    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

    Profile photo of TerrywTerryw
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    @terryw
    Join Date: 2001
    Post Count: 16,213
    June 25, 2011 - 7:03 am

    No it wouldnt work like that because you only pay 30% tax on income over $37,000.

    Tax rates 2010-11[2]

    Taxable incomeTax on this incomeEffective Tax Rate
    $0 – $6,000Nil0%
    $6,001 – $37,00015c for each $1 over $6,0000% – 12.6%
    $37,001 – $80,000$4,650 plus 30c for each $1 over $37,00012.6% – 21.9%
    $80,001 – $180,000$17,550 plus 37c for each $1 over $80,00021.9% – 30.3%
    $180,001 and over$54,550 plus 45c for each $1 over $180,00030.3% – 45%

    Terryw | Structuring Lawyers Pty Ltd / Loan Structuring Pty Ltd
    http://www.Structuring.com.au
    Email Me

    Lawyer, Mortgage Broker and Tax Advisor (Sydney based but advising Aust wide) http://www.Structuring.com.au

    Profile photo of fredo_4305fredo_4305
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    @fredo_4305
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    Post Count: 336
    June 25, 2011 - 11:56 am

    Thanks Terry.

    Is there any formula going around to put into an excel spreadsheet?

    Profile photo of TerrywTerryw
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    @terryw
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    Post Count: 16,213
    June 25, 2011 - 11:57 am

    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 Me

    Lawyer, Mortgage Broker and Tax Advisor (Sydney based but advising Aust wide) http://www.Structuring.com.au

    Profile photo of Josh AthertonJosh Atherton
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    @josh-atherton
    Join Date: 2011
    Post Count: 269
    June 25, 2011 - 12:51 pm

    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

    Profile photo of TerrywTerryw
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    @terryw
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    Post Count: 16,213
    June 25, 2011 - 12:54 pm

    found this one on google
    http://www.investmentpropertycalculator.com.au/free-australia-personal-income-tax-calculator.html

    This 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 Me

    Lawyer, Mortgage Broker and Tax Advisor (Sydney based but advising Aust wide) http://www.Structuring.com.au

    Profile photo of luke86luke86
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    @luke86
    Join Date: 2010
    Post Count: 470
    June 25, 2011 - 10:02 pm

    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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