Australian Income Tax Spreadsheet Formula
Just a quick note for my future reference. I’m setting up my budget spreadsheet for the new financial year and I have converted the Australian 2010 income tax rates into a spreadsheet formula. I use OpenOffice, it should work fine in Excel too.
=if(A1<=6000;0;if(a1<=35000;.15*(a1-6000);if(a1<=80000;4350+(.3*(a1-35000));if(a1<=180000;17850+(.38*(a1-80000));55850+(.45*(a1-180000))))))
Hi Adam
I have compared you formula against the current TWC Calculator provided by the ATO.
When i select that I am entitled to Annual Leave it will provide me a different figure
Can you explain why that is?
Also in excel, a comma(,) is require instead of a semi-colon(;) as a separator between tests
Thanks
This is just a straight income tax calculation. It does not take into account any special tax office rules.
Glad to see it works OK in Excel with just a minor modification.
Thanks for the formula Adam.
Works great in Filemaker too (as expected):
Cut and paste into Filemaker, substitute ‘A1′ for the field containing your taxable income figure. Easy!
This is great as a start. I am trying to do this by the month though, so if I predict the number of days I will work in a month and know my daily rate, I can put the correct tax aside to pay the man! Ideally, I would like to ‘average that out’, but I can’t seem to work out how to do this. Do you have any thoughts on this? – Doesn’t have to be perfect, just a good gut feel so I don’t get stung!
Cheers Muchly in advance
thank anyway for the very helpful formula…
i can manage my income tax problems in a well manner.