Hello,
My income is $63,000. My spouse income is less than $30,000. I've made a $3,000 contribution to my spouse's superfund. According to the ATO website I'm elegible and can claim a tax offset of $540. This is where my question about:
- Calculation 1: Without the contrubtion I'd have been taxed $10,942 for the $63,000 taxable income. With the contribution I will be taxed $10,402 (that is, $10,942 - $540).
- Calculation 2: I will be taxed $9,967, with standard rates, for the taxable income of $60.000 (that is, $63,000 - $3,000). Then I will be taxed extra $540 for my $3,000 contribution at the rate of 18% . In total I will be taxed $10,507 (that is, $9,967 + $540).
What is the correct intepretation of the tax offset in this case? Does the tax system calculate my tax return base on Calculation 1 or Calculation 2 above?
634 views
1 replies