Tax Calculator spreadsheet

Discussion in 'Accounting & Tax' started by smallbuyer, 12th Nov, 2019.

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  1. smallbuyer

    smallbuyer Well-Known Member

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    Does anyone have a good tax calculator spreadsheet or know where to get one? Something to play with so you can see if its worth offloading those shares before or after June 30 or any other possibilities. I hear the ATO tracks changes in MyGOV so do really want to use that to play with scenarios (and be asked where my extra 100k of income went if i put this in when playing!!??) Having something that includes Capital Gains, Rentals, divies, tax offsets etc not just basic income (could just have a nett field for rental income though etc) cheers
     
  2. Paul@PAS

    [email protected] Tax, Accounting + SMSF + All things Property Tax Business Plus Member

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    Excel and the marginal tax rates : Individual income tax rates

    Simple rule is assessable income is what is taxed. A summary of these issues is enough. Modify the assessable income and compare.
    ...Provided you have private health and no help debts its enough. Offsets arent going to impact much....Private health cant even be modelled yet as its indexed in April again. Generally you cant influence many elements of income other than choosing to dispose of income producing assets or acquiring more. And then its ballpark since a property or share sale is a projection...could go up, could go down in a few days, weeks etc....

    Credits from franking may vary as divs vary. Offsets are normally not subject to much variance.

    Too many variable otherwise to be accurate. eg Div 293, excess super contributionc charge, etc.
    Then there are indirect impact like Centrelink,
     
  3. Terry_w

    Terry_w Lawyer, Tax Adviser and Mortgage broker in Sydney

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    Taxcalc.com.au
     
  4. Propagate

    Propagate Well-Known Member

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  5. thydzik

    thydzik Well-Known Member

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    this is how to do the tax brackets in Excel.
    Calculate Stamp Duty with Excel - Travis' Blog

    doesn't take into account low/mid income thresholds which you need to manually calculate and add to the brackets.

    For the rest of the spreadsheet, it will be just adding up your taxable income scenarios.
     
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  6. Paul@PAS

    [email protected] Tax, Accounting + SMSF + All things Property Tax Business Plus Member

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    You may not have the right calculator ! Stamp duty ?
     
  7. thydzik

    thydzik Well-Known Member

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    see at the end of the post.

    its the same formula for any calculation involving tax brackets.
     
  8. Paul@PAS

    [email protected] Tax, Accounting + SMSF + All things Property Tax Business Plus Member

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    I revert to my comment it is just the tax scales.