Calculating Tax Refund

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From: Goran Arsovski


Hello all,

Can someone please explain to me how would you go about calculating a tax refund from the following figures:

Built House:

Loan amount $150K
Cash: $82500
Cost of building $232500
(X2.5% write off)= $5812

Depr. furniture, fixtures etc.. $5000
Deduction rates, water, management etc $3580
Intrest (only) @ 6.32% $9480
Bank setup's, legals etc $750/5= $150
_________
TOTAL deductions $24022

Rent is 260p/w
My salary is $39000

I thank you in advance,
and by the way did I mention how great this site. I certainly appreciate every aspect of it.
 
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Reply: 1
From: Duncan M


Your taxable income is:

PAYE ( $39,000 )
+
RENT ($13,520)
-
DEDUCTIONS ($24,022)
=
$28,498


You should have Tax withheld by your employer to the value of $8,736.

Tax on your Taxable income of $28,498 is around $5,408, meaning you should have a tax return of $3,328.

Something around that :) What you need is a good piece of software.

Regards,

Duncan
 
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Reply: 2
From: H T


Assuming the above deductions are accurate and you have 24022 to deduct the figures are

Tax payable on 39k = 8080
tax payable on 15k (39-24k) + rent 13.5=28.5
4930


your refund 8080-4093= 3987approx..

rgrds
HT
 
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Reply: 3
From: Michael G


Hi,

I've explained this in detail in a previous post, do a seach on recent posts written by me.

Michael G.
 
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Reply: 4
From: Dale Gatherum-Goss


Hi

Based on the information provided, and assuming no other income or deductions, I would expect a tax refund of $3,379.

Cheers

Dale
 
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