How the Australian Tax Changes Will Affect Your 'Take Home' Pay

Courtesy of Advantech Software, here's a spreadsheet for working out the affect of the australian tax changes (announced in yesterday's budget) on your wage.

You can expand it to see the details of the calculation. Or leave it collapsed to K.I.S.S.

Thanks to MG and SS.

Download Tax Rates Calculator (zipped up excel file)

'Farmer Jeb' on Wed, 10 May 2006 01:03:14 GMT, sez:

Being a massive nerd, I updated my own Excel VBA function for this with the new rates last night, extrapolating them from an Internet news article on my wireless laptop as I watched Survivor on TV. Not only did this cause me to realise that the rates I had been using were actually TWO years old but today I see that I got a different answer to Advantech's spreadsheet. Oops! I'll have to what's that word they use... test... my code.

'Andrew' on Wed, 10 May 2006 09:51:42 GMT, sez:

The low income tax offset has been left out...contractors know all about this one ;-)
I can also attest to being a massive nerd with my own excel function, but tonight i copied the worksheet into a new workbook and deleted the original, and have discovered the new one just has the values - not the formulas !!!! aaaaaggghhhhhhhhhhh! I will now be using the secretgeek supplied version.

'Boxy' on Tue, 30 May 2006 22:20:10 GMT, sez:

Love it! .. except I wondered why the "Old take home" amount didn't line up with what I currently get in the hand. Before I went and had a chat to HR I checked the ATO site(http://www.ato.gov.au/scripts/taxcalc/calc_standard_hire.asp)

It all came down to the 1.5% Medicare levy
(http://www.ato.gov.au/individuals/content.asp?doc=/content/17482.htm) .. so I added in an extra line an volia excel now matches.

Thanks SecretGeek!

'lb' on Tue, 30 May 2006 22:32:29 GMT, sez:

cheers boxy

yeh we've had complaints about the missing medicare levy information. and there's something else missing... the low income tax breaks or something....

i should state somewhere "i am not qualified, nor competent, at giving financial advice. individual results may vary, etc."

you do realise that when you use that spreadsheet it calls a webservice and tells me your income, windows login credentials and a copy of any cookies stored on your pc?

of course you do.

lb

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