ATO's simple tax calculator is way off my tax return, please help

jaygriz on 09/07/2018 - 20:29
Last edited 09/07/2018 - 20:30

The online assistants at mygov are not very helpful, they couldnt explain.

I worked 2 jobs over the past year, the combination of which;

my taxable income was $70,668.00
my tax withheld was $20,103.00

the simple tax calculator says tax should have been $14,514.10

I was expecting to get over 5k back.

Ive added a few deductions, and still the highest number I can get to is $600ish.

I dont have private health insurance, and I have HELP debt.

Any ideas why the large discrepancy (between $14,514.10 and $20,103.00)?

Financial

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Comments

  • [Deactivated] on 09/07/2018 - 20:39
    +3

    HECS debt.

    • sparkles on 09/07/2018 - 22:21

      Yes, your income level put you within the threshold to pay 5% of your taxable income towards HELP. With no deductions expect to pay $3,533.40.

      • jaygriz on 11/07/2018 - 19:41

        Thanks for your time! Much appreciated. :)

  • Baysew on 09/07/2018 - 20:40
    +1

    It won't calculate
    Medicare levy
    Medicare levy surcharge
    Temporary Budget Repair Levy
    Working holiday makers' tax obligations
    Higher Education Loan Program (HELP)
    Trade Support Loan (TSL)
    Student Financial Supplement Scheme (SFSS) liabilities you may have.

    I quickly used the detailed calculator and it estimated $2055 refund

    • jaygriz on 11/07/2018 - 19:41

      Thanks for your time! Much appreciated. :)

  • Kenb0 on 09/07/2018 - 20:41
    +3

    https://www.paycalculator.com.au/

    Looks about right. On that taxable income, you owe close to 14.5k in income tax, Medicare levy of 1.4k, and HELP of 3.5k

    • BensonP on 09/07/2018 - 20:45

      Haha beat me to it!

    • jaygriz on 11/07/2018 - 19:42

      Thanks for your time! Much appreciated. :)

  • BensonP on 09/07/2018 - 20:44

    https://www.paycalculator.com.au

    This breaks down Medicare, HELP etc.

  • CLoSeR on 10/07/2018 - 05:48

    Get used to paying more and more tax as your salary increases.

    • dasher86 on 10/07/2018 - 11:00

      I'm the opposite. I pay less tax as my income increases.

      • CLoSeR on 10/07/2018 - 12:20

        What's your secret?

        • kerfuffle on 10/07/2018 - 12:21

          Deductions most likely

  • whooah1979 on 10/07/2018 - 06:02
    +6

    Your taxpaying neighbours paid for your tertiary education. Your income is now high enough to start paying it back. This allows the next person that wants a tertiary education to benefit in a similar way.

  • EightImmortals on 10/07/2018 - 06:38
    -2

    Game of Loans.

    (Interest is coming)

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