ADAM'S WEB PRESENCE

29 July 2009

Australian Income Tax Spreadsheet Formula

Filed under: Nerd Notes — adam @ 10:47 pm

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))))))

5 Comments »

  1. Comment by Peter — 24 August 2009 @ 7:42 pm

    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

  2. Comment by Adam Pierce — 24 August 2009 @ 9:32 pm

    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.

  3. Comment by Matt — 7 September 2009 @ 7:17 pm

    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!

  4. Comment by Ross — 14 July 2010 @ 5:48 pm

    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

  5. Comment by promo86 — 17 July 2010 @ 12:26 am

    thank anyway for the very helpful formula…
    i can manage my income tax problems in a well manner.

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