I need to know....

Anything!

Re: I need to know....

Postby amber_fluid » Fri May 01, 2020 4:57 pm

Cool.
Free freshlights.

You ordered a spare as well by the looks if it?
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Re: I need to know....

Postby Spargo » Wed May 06, 2020 10:37 am

Best place to get a couple of pretty old stamp collections valued fairly?
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Re: I need to know....

Postby mighty_tiger_79 » Wed May 06, 2020 10:39 am

Spargo wrote:Best place to get a couple of pretty old stamp collections valued fairly?
At the toss of a coin on Brighton rd?

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Re: I need to know....

Postby Lightning McQueen » Fri May 08, 2020 9:53 am

Is anyone really cluey with tax returns or had a previous experience with the following:

Cyril is thinking of cashing in some annual leave.

He knows he'll get taxed 48% on the special payment.

If he usually gets taxed $1400 per month but with the special mid month payment he got taxed $2600, when he does his tax return would he get the $1200 difference plus roughly what he usually gets each financial year providing he doesn't fall into the next tax bracket?
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Re: I need to know....

Postby Pseudo » Fri May 08, 2020 10:18 am

Lightning McQueen wrote:Is anyone really cluey with tax returns or had a previous experience with the following:

Cyril is thinking ...


Ooh, it's Cyril!

... Cyril is thinking of cashing in some annual leave.

He knows he'll get taxed 48% on the special payment.

If he usually gets taxed $1400 per month but with the special mid month payment he got taxed $2600, when he does his tax return he would get the BLANK difference plus roughly what he usually gets each financial year providing he doesn't fall into the next tax bracket.


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Re: I need to know....

Postby amber_fluid » Fri May 08, 2020 10:23 am

Lightning McQueen wrote:Is anyone really cluey with tax returns or had a previous experience with the following:

Cyril is thinking of cashing in some annual leave.

He knows he'll get taxed 48% on the special payment.

If he usually gets taxed $1400 per month but with the special mid month payment he got taxed $2600, when he does his tax return would he get the $1200 difference plus roughly what he usually gets each financial year providing he doesn't fall into the next tax bracket?


You won’t get the $1200 back.
Only a portion of it that was taxed too high that doesn’t put you in the next tax bracket.

Edit - Not you but Cyril
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Re: I need to know....

Postby Magellan » Fri May 08, 2020 10:24 am

Pseudo wrote:
Lightning McQueen wrote:Is anyone really cluey with tax returns or had a previous experience with the following:

Cyril is thinking ...


Ooh, it's Cyril!

... Cyril is thinking of cashing in some annual leave.

He knows he'll get taxed 48% on the special payment.

If he usually gets taxed $1400 per month but with the special mid month payment he got taxed $2600, when he does his tax return he would get the BLANK difference plus roughly what he usually gets each financial year providing he doesn't fall into the next tax bracket.


Over to the panel...


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Re: I need to know....

Postby Lightning McQueen » Fri May 08, 2020 10:29 am

amber_fluid wrote:
Lightning McQueen wrote:Is anyone really cluey with tax returns or had a previous experience with the following:

Cyril is thinking of cashing in some annual leave.

He knows he'll get taxed 48% on the special payment.

If he usually gets taxed $1400 per month but with the special mid month payment he got taxed $2600, when he does his tax return would he get the $1200 difference plus roughly what he usually gets each financial year providing he doesn't fall into the next tax bracket?


You won’t get the $1200 back.
Only a portion of it that was taxed too high that doesn’t put you in the next tax bracket.

Edit - Not you but Cyril


Cyril would've been taxed $1400, he got taxed $2600 though, it was a one off mid-month payment so he actually did pay too much tax to the tune of an extra $1200.
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Re: I need to know....

Postby Dutchy » Fri May 08, 2020 10:40 am

Yep, sounds like he has been taxed based on the top tax bracket, but if come tax time his annual income was under the top tax bracket he will get the difference back in his return.
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Re: I need to know....

Postby DOC » Fri May 08, 2020 10:45 am

Lightning McQueen wrote:Is anyone really cluey with tax returns or had a previous experience with the following:

Cyril is thinking of cashing in some annual leave.

He knows he'll get taxed 48% on the special payment.

If he usually gets taxed $1400 per month but with the special mid month payment he got taxed $2600, when he does his tax return would he get the $1200 difference plus roughly what he usually gets each financial year providing he doesn't fall into the next tax bracket?


No he will not get back all $1200. I base that on the assumption that the extra $1200 in tax is the tax paid on the additional salary albeit probably at a higher rate. In broad terms, he will get back more than the difference between the 2 tax brackets as income tax is paid on scales. As an example, if he makes $70000 a year he does not pay 32.5 cents on every dollar as the first 18 thousand is exempt and so on.

This calculator will allow him to put in his own figures and see what the amount payable at the end of the year will be.

https://www.paycalculator.com.au/.
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Re: I need to know....

Postby Lightning McQueen » Fri May 08, 2020 10:51 am

Pseudo wrote:
Lightning McQueen wrote:Is anyone really cluey with tax returns or had a previous experience with the following:

Cyril is thinking ...


Ooh, it's Cyril!

... Cyril is thinking of cashing in some annual leave.

He knows he'll get taxed 48% on the special payment.

If he usually gets taxed $1400 per month but with the special mid month payment he got taxed $2600, when he does his tax return he would get the BLANK difference plus roughly what he usually gets each financial year providing he doesn't fall into the next tax bracket.


Over to the panel...



I thought you'd appreciate Cyril.
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Re: I need to know....

Postby Booney » Fri May 08, 2020 11:06 am

Dutchy wrote:Yep, sounds like he has been taxed based on the top tax bracket, but if come tax time his annual income was under the top tax bracket he will get the difference back in his return.


I'm with this. ( Deductions aside )
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Re: I need to know....

Postby Lightning McQueen » Fri May 08, 2020 11:27 am

DOC wrote:
Lightning McQueen wrote:Is anyone really cluey with tax returns or had a previous experience with the following:

Cyril is thinking of cashing in some annual leave.

He knows he'll get taxed 48% on the special payment.

If he usually gets taxed $1400 per month but with the special mid month payment he got taxed $2600, when he does his tax return would he get the $1200 difference plus roughly what he usually gets each financial year providing he doesn't fall into the next tax bracket?


No he will not get back all $1200. I base that on the assumption that the extra $1200 in tax is the tax paid on the additional salary albeit probably at a higher rate. In broad terms, he will get back more than the difference between the 2 tax brackets as income tax is paid on scales. As an example, if he makes $70000 a year he does not pay 32.5 cents on every dollar as the first 18 thousand is exempt and so on.

This calculator will allow him to put in his own figures and see what the amount payable at the end of the year will be.

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


Cheers, I should've got him to look there straight up, wouldn't get the full quota but near enough.
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Re: I need to know....

Postby Trader » Fri May 08, 2020 11:43 am

Doc and Amber are correct.

Cyril won't get the full $1200 back.

Yes, $1200 is the extra tax he paid, however he also had extra income this year (he's now worked 52 weeks plus been paid for a bonus 2 weeks of annual leave cashed in), so Cyril is understanding there is clearly some extra tax to be paid.

The numbers in Cyril's example have been rounded, so its hard to pin point exactly where the income sits, but assuming Cyril earns around the $70,000 mark normally, cashing in 2 weeks annual leave wont push him from the 32.5c bracket to the 37c bracket (which kicks in at 90k pa), as such, on the extra $3k he earns that year, he'll pay in the 32c bracket, so he'll get back 16c per dollar, not the full 48c per dollar.

Round numbers, he'll get back 1/3 of the extra tax withheld in that pay period.

NB: The above does not take into account things like the medicare levy. Cyril should seek independent financial advice rather than relying on internet forum nupties like us! :lol:
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Re: I need to know....

Postby Lightning McQueen » Fri May 08, 2020 11:52 am

Trader wrote:Doc and Amber are correct.

Cyril won't get the full $1200 back.

Yes, $1200 is the extra tax he paid, however he also had extra income this year (he's now worked 52 weeks plus been paid for a bonus 2 weeks of annual leave cashed in), so Cyril is understanding there is clearly some extra tax to be paid.

The numbers in Cyril's example have been rounded, so its hard to pin point exactly where the income sits, but assuming Cyril earns around the $70,000 mark normally, cashing in 2 weeks annual leave wont push him from the 32.5c bracket to the 37c bracket (which kicks in at 90k pa), as such, on the extra $3k he earns that year, he'll pay in the 32c bracket, so he'll get back 16c per dollar, not the full 48c per dollar.

Round numbers, he'll get back 1/3 of the extra tax withheld in that pay period.

NB: The above does not take into account things like the medicare levy. Cyril should seek independent financial advice rather than relying on internet forum nupties like us! :lol:


Cyril is fine with it, the tax calculator told it how it is and yeah, your analysis lines up with the calculators, he just can't go over 90K.
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Re: I need to know....

Postby Trader » Fri May 08, 2020 11:58 am

Good to hear.

By the way, depending on Cyril's age and reason for electing to cash in the annual leave, Cyril may wish to consider making a contribution via salary sacrifice to his super, where he could be taxed at 15c in the dollar, rather than the 32c.
Obviously putting it into his super now doesn't help if the reason for cashing in is he needs the cash now, but if he is cashing in to reduce his balance and keep his employer happy, salary sacrifice might achieve this goal for his employer, and ensure Cyril ends up paying a lower amount of tax than would normally be expected.
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Re: I need to know....

Postby Footy Chick » Fri May 08, 2020 1:21 pm

Trader wrote:Doc and Amber are correct.

Cyril won't get the full $1200 back.

Yes, $1200 is the extra tax he paid, however he also had extra income this year (he's now worked 52 weeks plus been paid for a bonus 2 weeks of annual leave cashed in), so Cyril is understanding there is clearly some extra tax to be paid.

The numbers in Cyril's example have been rounded, so its hard to pin point exactly where the income sits, but assuming Cyril earns around the $70,000 mark normally, cashing in 2 weeks annual leave wont push him from the 32.5c bracket to the 37c bracket (which kicks in at 90k pa), as such, on the extra $3k he earns that year, he'll pay in the 32c bracket, so he'll get back 16c per dollar, not the full 48c per dollar.

Round numbers, he'll get back 1/3 of the extra tax withheld in that pay period.

NB: The above does not take into account things like the medicare levy. Cyril should seek independent financial advice rather than relying on internet forum nupties like us! :lol:


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Re: I need to know....

Postby Booney » Fri May 08, 2020 1:38 pm

I do, particularly on my high and mighty days.
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Re: I need to know....

Postby Brodlach » Fri May 08, 2020 1:40 pm

Booney wrote:I do, particularly on my high and mighty days.

So everyday? ;)
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Re: I need to know....

Postby Booney » Fri May 08, 2020 1:44 pm

Brodlach wrote:
Booney wrote:I do, particularly on my high and mighty days.

So everyday? ;)


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