SUPERSTARDJ01 Posted June 29, 2016 Share Posted June 29, 2016 (edited) Hi, I'm a little confused, how does the Australian income tax work, when I put in my wifes potential income in an income calculator it comes back saying she has to pay $15,641.00 p/y and another even said $22,000?? tax year is 2016 annual $70078 9.5% super, no of the below selected. Includes Superannuation Non-Resident Exclude tax-free threshold HELP and TSL Student Loan Withhold Tax Offsets Income Income Your Salary:$ 70078 Annually Monthly Fortnightly Weekly Daily Hourly Tax year:201220132014201520162017 Superannuation:9.5 % Options Includes Superannuation Non-Resident Exclude tax-free threshold HELP and TSL Student Loan Withhold Tax Offsets [TABLE=class: resultTable, width: 728] [TR=class: head] [TH=bgcolor: #68991E]2015 - 2016[/TH] [TH=bgcolor: #68991E, align: center]Weekly[/TH] [TH=bgcolor: #68991E, align: center]Fortnightly[/TH] [TH=bgcolor: #68991E, align: center]Monthly[/TH] [TH=bgcolor: #7DAF26, align: center]Annually[/TH] [/TR] [TR=class: foot] [TH=bgcolor: #666666, align: left]Pay[/TH] [TD=bgcolor: #666666, align: right]$1,044.65[/TD] [TD=bgcolor: #666666, align: right]$2,089.31[/TD] [TD=bgcolor: #666666, align: right]$4,526.83[/TD] [TD=bgcolor: #707070, align: right]$54,354.00[/TD] [/TR] [TR=class: sub] [TH=bgcolor: #444444, align: left]Taxable Income[/TH] [TD=bgcolor: #444444, align: right]$1,347.65[/TD] [TD=bgcolor: #444444, align: right]$2,695.31[/TD] [TD=bgcolor: #444444, align: right]$5,839.83[/TD] [TD=bgcolor: #484848, align: right]$70,078.00[/TD] [/TR] [TR=class: sub] [TH=bgcolor: #444444, align: left]Superannuation *[/TH] [TD=bgcolor: #444444, align: right][$128.03][/TD] [TD=bgcolor: #444444, align: right][$256.05][/TD] [TD=bgcolor: #444444, align: right][$554.78][/TD] [TD=bgcolor: #484848, align: right][$6,657.41][/TD] [/TR] [TR=class: subs] [TH=bgcolor: #444444, align: left]Total Taxes[/TH] [TD=bgcolor: #444444, align: right]$303.00[/TD] [TD=bgcolor: #444444, align: right]$606.00[/TD] [TD=bgcolor: #444444, align: right]$1,313.00[/TD] [TD=bgcolor: #484848, align: right]$15,724.00[/TD] [/TR] [TR=class: detail] [TH=bgcolor: #333333, align: left]Income Tax[/TH] [TD=bgcolor: #333333, align: right]$276.05[/TD] [TD=bgcolor: #333333, align: right]$552.09[/TD] [TD=bgcolor: #333333, align: right]$1,196.20[/TD] [TD=bgcolor: #373737, align: right]$14,322.00[/TD] [/TR] [TR=class: detail] [TH=bgcolor: #333333, align: left]Medicare1[/TH] [TD=bgcolor: #333333, align: right]$26.95[/TD] [TD=bgcolor: #333333, align: right]$53.91[/TD] [TD=bgcolor: #333333, align: right]$116.80[/TD] [TD=bgcolor: #373737, align: right]$1,401.56[/TD] [/TR] [TR=class: detail] [TH=bgcolor: #333333, align: left]Other taxes and Levies2[/TH] [TD=bgcolor: #333333, align: right]$0.00[/TD] [TD=bgcolor: #333333, align: right]$0.00[/TD] [TD=bgcolor: #333333, align: right]$0.00[/TD] [TD=bgcolor: #373737, align: right]$0.00[/TD] [/TR] [TR=class: detail] [TH=bgcolor: #333333, align: left]Tax Offsets3[/TH] [TD=bgcolor: #333333, align: right]$0.00[/TD] [TD=bgcolor: #333333, align: right]$0.00[/TD] [TD=bgcolor: #333333, align: right]$0.00[/TD] [TD=bgcolor: #373737, align: right]$0.00[/TD] [/TR] [/TABLE] Edited June 29, 2016 by Carl TeamHard Pearce Quote Link to comment Share on other sites More sharing options...
NickyNook Posted June 29, 2016 Share Posted June 29, 2016 I always use http://www.taxcalc.com.au That one says that on an annual income of $70k (which does not include Super) you would pay $15697 in tax and Medicare Levy per year. That's a net income of $1044 per week - same as in your example above. Quote Link to comment Share on other sites More sharing options...
Diane Posted June 29, 2016 Share Posted June 29, 2016 Why are you excluding the tax free threshold? This is usually if someone works for more than one employer - you can only claim the TFT from one. I use this one https://www.ato.gov.au/Calculators-and-tools/Tax-withheld-calculator/Individual-Non-business-Calculator.aspx Quote Link to comment Share on other sites More sharing options...
Diane Posted June 29, 2016 Share Posted June 29, 2016 oops double posted! Quote Link to comment Share on other sites More sharing options...
NickyNook Posted June 29, 2016 Share Posted June 29, 2016 Why are you excluding the tax free threshold? This is usually if someone works for more than one employer - you can only claim the TFT from one. I use this one https://www.ato.gov.au/Calculators-and-tools/Tax-withheld-calculator/Individual-Non-business-Calculator.aspx And that one comes out the same as well - $1043 net per week. None of the tax calculators used here are excluding the tax-free threshhold. Quote Link to comment Share on other sites More sharing options...
Recommended Posts
Join the conversation
You can post now and register later. If you have an account, sign in now to post with your account.