Hey Guys,
I am seeking advice, my total income from employment and interest from bank accounts is $35,008.09 for the financial year 2019-2020.
The total taxable income withheld is $4,751.
I am doing my tax return through the ATO website and the estimate comes up with $1,682.27.
It seems a little too low, can anyone please give me advice and assistance
thank you
Similar to what they said above.
You'd need to pay tax of 19c for each $1 over $18,200 (according to 19-20 tax rates). https://www.ato.gov.au/Rates/Individual-income-tax-rates/
You can use this simple tax calculator to see what you'd have to pay on different incomes.
https://www.ato.gov.au/Calculators-and-tools/Host/?anchor=ST…
I thought i get 81c per dollar back for the taxable amount no ?
Big Nono
(35008.09-18200)*0.19 = 3193.53
you paid 4751
4751-3193.53 = 1557.47 difference
with some deductions etc the return estimate of 1682.27 is entirely reasonable
That was a quick disabled user!
Thread closed as OP disabled account.
Seems about right.
With that income you have a tax liability of $3,194.00.