Hello,
I am a sole trader earning 140000 a year and I am trying to figure out how much I will save in tax for my super contributions. I think my contributions are considered voluntary and are claimed as a tax deduction. If I pay $10000, 15000 or 20000 how much does that give me back on my tax return?
thanks.
Impossible to say what you would get back as a refund. The tax rate on income earned between $120,000 and $180,000 is 37% (plus 2% Medicare levy). Punch some figures into this tax calculator to see what the difference in tax to be paid on various taxable income amounts.
(need to use 2022/2023 year)
https://www.ato.gov.au/single-page-applications/calculatorsandtools?anchor=STC#STC/questions
Impossible to say what you would get back as a refund. The tax rate on income earned between $120,000 and $180,000 is 37% (plus 2% Medicare levy). Punch some figures into this tax calculator to see what the difference in tax to be paid on various taxable income amounts.
(need to use 2022/2023 year)
https://www.ato.gov.au/single-page-applications/calculatorsandtools?anchor=STC#STC/questions
Maybe I wasn’t very clear as I’m not across tax very well (hence my question). I’m just trying to figure out how to calculate the different in what I would pay in tax on those 3 amounts if I put them into my super vs didn’t. To see what it would save me in tax if that makes sense?
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