Due to reasons that are a bit lengthy to get in to here, I have received an after tax amount of $163.33 (in a week). I need to know how much I have grossed.
I’ve been to the ATO websitehttp://www.ato.gov.au/scripts/axos/axos.asp?CONTEXT=&KBS=Stax001i.xr4&go=ok
And they do have the tax rates there, but I’m having trouble “working backwards” to figure out my pre-tax income amount.
Any help will be appreciated.
BTW… I’m an Australian citizen (for tax purposes), and there is no Medicare levy taken out of my pay.
163.33 p.w = 163.33*52 = 8493/year
Tax paid on income X = .17*(X-6000) (since you’re under 20,000)
Therefore, Income Retained ® on income X is
R=X-.17(X-6000)
So
X = (8493-1020)/.83
Turn that back into a weekly income … comes to $173.15 per week
HTH
Your welcome. Maths is fun!
woolly
October 18, 2003, 12:26pm
5
Just out of interest, aren’t both the gross amount and tax deduction specified on the payslip?
As I said, it’s a long story as to why I had the after-tax amount, but not the gross amount
It also depends on whether you’ve given them your TFN, and if you have, how you filled in the declaration form.
Yeah, I’m declaring the tax free threshold.
Past payments from my employer indicated that an after-tax amount of $163.33 would gross somewhere in the 170s, so this figure should be correct.
