$60000
 

Can anyone tell me the website (or gimme the figure) of what i could expect to take home on the above figure?

I know there was a thread a little while ago on this but i had search and couldnt find it.


ta

Re: $60000
 

There's a calculator at www.ato.gov.au

Re: $60000
 

$31,215.00 - I find it easier just to half the gross.

http://www.ato.gov.au/scripts/taxcalc/calculate_tax.asp

Re: $60000
 

No way is that correct. I make it approx. 46000.

Try working it out using these rates.

Tax rates 2005-06


Tax on this income
$0 – $6,000 Nil

$6,001 – $21,600 15c for each $1 over $6,000

$21,601 – $63,000 $2,340 plus 30c for each $1 over $21,600

$63,001 – $95,000 $14,760 plus 42c for each $1 over $63,000

Over $95,000 $28,200 plus 47c for each $1 over $95,000

Re: $60000
 

???

Don't think that's right somehow. You don't pay 50% tax on a GAI of $60k.

The correct net figure is around $45,188 - correct me if I'm wrong!.

Re: $60000
 

I find that taking out 25% gives you an approximate.

Jo

Re: $60000
 

Wow! I was surprised to see the difference as soon as you go over $63,001! I've only just gone over it by $600. Probably just as well staying in the bracket below?! :confused:

Re: $60000
 

No you only get taxed the higher amount on the 600 not the rest of your income, the more you earn the better you are of.

This doesnt allow for any deductions and any benefits of having children.

Re: $60000
 

Thanks for that. Tax stuff goes way over my head! Not looking forward to sorting out returns.
Are there any benefits of having children?!!!!!! ;)

Re: $60000
 

Apart from getting to watch "Shrek" and reading Winnie the Pooh, a lot, I can't think of any off hand....They do make you laugh though.

Re: $60000
 

There's the baby bonus... but you may not qualify.

Re: $60000
 

Cheers all !!