Working out tax refund ?

[Bez]

Hey guys, im just wondering if there is a way to work out how much tax you will get back at the end of the year ?

I am in this tax bracket
$30,001 – $75,000 ($3,600 plus 30c for each $1 over $30,000)

I have 1 IP, and just for an example I have a total of $10,000 worth of deductions for the year, $8000 interest on loan + $2000 in rates etc...

Would I get 30% of $10,000 back at tax time ?

 

[alexlee]

Hey guys, im just wondering if there is a way to work out how much tax you will get back at the end of the year ?

I am in this tax bracket
$30,001 – $75,000 ($3,600 plus 30c for each $1 over $30,000)

I have 1 IP, and just for an example I have a total of $10,000 worth of deductions for the year, $8000 interest on loan + $2000 in rates etc...

Would I get 30% of $10,000 back at tax time ?

No, because you pay tax on rent.
Alex

 

[Bez]

Ok, so say $8000 rental income..
30% of $8000 = $2400
30% of $10,000 = $3000
$3000 - $2400 = $600

$600 tax return ?

Sorry iv posted this in the wrong forum
I wasnt paying attention.

 

[turk]

Ok, so say $8000 rental income..
30% of $8000 = $2400
30% of $10,000 = $3000
$3000 - $2400 = $600

$600 tax return ?

Sorry iv posted this in the wrong forum
I wasnt paying attention.

Correct.

$10,000- $8000= $2000x30%= $600

 

[alexlee]

Correct. However, the CASHFLOW calc is slightly different if you have depreciation.
Alex