Tax calculator (company vs individual)

[JChilds]

I remember once seeing an excel calculator on here that compared new and old tax rates.
I am not interested in that, but am more interested in the fact that it told me how much of my income (from the first dollar) was taxed so I could see if I was better off staying asa an individual, or switchign my business to a company.

Can anyone poitn me in the direction of this calc? Or an updated one?

 

[GreatPig]

Don't know about the spreadsheet, but with the 2009/2010 tax rates, the equality point is $132,105.26 including Medicare levy (assuming no surcharges).

However, there are now other issues to consider like the 30% private health rebate that you don't get over about $90K.

Edit: I just created and attached a simple spreadsheet that will calculate the break-even taxable income for personal and company tax rates, including Medicare levy, and also show the company and personal tax payable on any given taxable income. You can change the income value, any of the rate values, and the tax bracket figures, but don't change anything else (they're all formulae). The break-even figure also assumes the bottom tax rate is 0%, so don't change that either.

I've only tested this a little, so don't rely on any figures without checking them yourself.

GP

 

[Apocalypse]

Your company can then employ you and pay you wages/etc, so as to benefit from the lower bracket thresholds.

Lots of cool things can be done when you can play with two separate entities...

 

[JChilds]

Thanks GreatPig!
Thats exactly what I was looking for.