Australian Tax Calculator
This spreadsheet is created based on Australian government tax policy, where they have goal that by 2013?14 the number of personal income tax rates will be reduced to three (15 percent, 30 percent and 40 percent) and the Low Income Tax Offset will be further increased.
To achieve that goal, there are several milestones that has to be reached,
From 1 July 2008:
- The 30 percent threshold will be raised from $30,001 to $34,001
- The low income tax offset (LITO) will be increased from $750 to $1,200
- The 40 percent threshold will increase from $75,001 to $80,001
- The 45 percent threshold will increase from $150,001 to $180,001.
So, someone earning $50,000 a year will have a tax cut of $1,000 in 2008?09 compared to the previous year.
From 1 July 2009:
- The 30 per cent threshold will be raised to $35,001
- The LITO will be increased to $1,350
- The 40 per cent tax rate will be reduced to 38 per cent.
From 1 July 2010:
- The 30 percent threshold will be raised to $37,001
- The LITO will be increased to $1,500
- The 38 percent rate will be reduced to 37 percent.
The increase in the LITO creates an effective tax?free threshold for low?income earners of $14,000 in 2008?09, $15,000 in 2009?10 and $16,000 in 2010?11.
From 1 July 2008, senior Australians eligible for the senior Australians tax offset will pay no tax on their annual income up to $28,867 for singles and $24,680 for each member of a couple. By 1 July 2010, these thresholds will rise to $30,685 for singles and $26,680 for each member of a couple.
More information regarding this tax policy can be found in Australian official website at budget.gov.au
And this spreadsheet is basically created to help you get a better understanding on calculating tax that should be paid.
Author : Paul McGaughey
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