Aus tax question.......
Feb 3rd 2006, 8:01 pm
#1
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Aus tax question.......
an odd question but how much will my take home pay be on approx $47000? I know tax is dependent on children etc. We are a family of 5, 2 adults 3 kids attending school. Just trying to plan the finances for first 2 yrs!!! 
Feb 3rd 2006, 8:05 pm
#2
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Re: Aus tax question.......
Originally Posted by glittababe
an odd question but how much will my take home pay be on approx $47000? I know tax is dependent on children etc. We are a family of 5, 2 adults 3 kids attending school. Just trying to plan the finances for first 2 yrs!!!
Some of the accounting firms (eg KPMG, PWC etc) might have tax calculators online, maybe also try http://www.kpmg.com.au
Feb 3rd 2006, 8:41 pm
#3
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Re: Aus tax question.......
ATO Tax Calculator here
http://www.ato.gov.au/scripts/taxcal...ndard_hire.asp
Hopefully I've inserted the link correctly!
http://www.ato.gov.au/scripts/taxcal...ndard_hire.asp
Hopefully I've inserted the link correctly!
Feb 3rd 2006, 10:13 pm
#4
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Re: Aus tax question.......
Originally Posted by Matyear
ATO Tax Calculator here
http://www.ato.gov.au/scripts/taxcal...ndard_hire.asp
Hopefully I've inserted the link correctly!
http://www.ato.gov.au/scripts/taxcal...ndard_hire.asp
Hopefully I've inserted the link correctly!
Feb 4th 2006, 12:14 am
#5
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Re: Aus tax question.......
Gross $47,000.00
Tax $10,272.00
Medicare $705.00
Net $36,023.00
then add
FTB $10,132.00 (Family Tax Benefit/Child Allowance)
Total Net Income $46,155.00
assuming One Income only, as above, and 3 kids aged 5 to under 13
You can double check these figures at :
FTB
http://www.centrelink.gov.au/interne...ices/index.htm
select "Family Assistance" then "3. Estimate Family Assistance (no logon required)."
TAX
http://calculators.ato.gov.au/script...xCalc/main.asp
Tax $10,272.00
Medicare $705.00
Net $36,023.00
then add
FTB $10,132.00 (Family Tax Benefit/Child Allowance)
Total Net Income $46,155.00
assuming One Income only, as above, and 3 kids aged 5 to under 13
You can double check these figures at :
FTB
http://www.centrelink.gov.au/interne...ices/index.htm
select "Family Assistance" then "3. Estimate Family Assistance (no logon required)."
TAX
http://calculators.ato.gov.au/script...xCalc/main.asp
Feb 4th 2006, 2:38 am
#6
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Posts: 9,316
Re: Aus tax question.......
Originally Posted by ABCDiamond
Gross $47,000.00
Tax $10,272.00
Medicare $705.00
Net $36,023.00
then add
FTB $10,132.00 (Family Tax Benefit/Child Allowance)
Total Net Income $46,155.00
assuming One Income only, as above, and 3 kids aged 5 to under 13
You can double check these figures at :
FTB
http://www.centrelink.gov.au/interne...ices/index.htm
select "Family Assistance" then "3. Estimate Family Assistance (no logon required)."
TAX
http://calculators.ato.gov.au/script...xCalc/main.asp
Tax $10,272.00
Medicare $705.00
Net $36,023.00
then add
FTB $10,132.00 (Family Tax Benefit/Child Allowance)
Total Net Income $46,155.00
assuming One Income only, as above, and 3 kids aged 5 to under 13
You can double check these figures at :
FTB
http://www.centrelink.gov.au/interne...ices/index.htm
select "Family Assistance" then "3. Estimate Family Assistance (no logon required)."
TAX
http://calculators.ato.gov.au/script...xCalc/main.asp
I guess that covers the admin cost of taking it away in one hand and giving it back in the other.
PS: This is not a dig at Aus, it's a dig at tax/benefit systems. I know the same stuff happens in the UK.
Feb 4th 2006, 7:36 am
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Re: Aus tax question.......
Originally Posted by MartinLuther
$47,000.00 - $46,155.00 = $845.
I guess that covers the admin cost of taking it away in one hand and giving it back in the other.
PS: This is not a dig at Aus, it's a dig at tax/benefit systems. I know the same stuff happens in the UK.
I guess that covers the admin cost of taking it away in one hand and giving it back in the other.
PS: This is not a dig at Aus, it's a dig at tax/benefit systems. I know the same stuff happens in the UK.
