# Calculating Tax Refund

W

#### WebBoard

##### Guest
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.

Last edited by a moderator:

#### duncan_m

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

Last edited by a moderator:
W

#### WebBoard

##### Guest
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

Last edited by a moderator:

#### michaelg

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.

Last edited by a moderator:

#### DaleGG

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

Last edited by a moderator:

Replies
16
Views
4K
Replies
0
Views
1K
Replies
10
Views
2K
Replies
14
Views
2K
Replies
5
Views
1K