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randouser0032(Newbie)Newbie
29 June 2024

Hi, 

I am trying to calculate how much tax I need to pay next financial year and I think I am confusing myself. 


Employment Income Annual (my work) 

$23,478 Gross income. 

$844 tax payable.


Single Parenting Payment

$26,169 - before reporting above income.

$1273 tax payable. 


*After reporting, my annual parenting payment is approx $19,500


Combined Income - Work & parenting parent 

$49,647

$5682 tax payable.


If 1 pay $844 tax through my employment income, does that mean i need to pay the remaining $4838 tax on my parenting payment?


I would lose about $200 per fortnight on my parenting payment if this is correct. Unsure my maths isn’t right. 


I also have 2 children, a 7 year old and 12 month old if that helps at all.


Any help would be appreciated please! 

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7 replies
661 views
7 replies

Most helpful response

Most helpful reply

Bruce4Tax(Taxicorn)Taxicorn
30 June 2024

$26,169 - before reporting above income.

$1273 tax payable. 


*After reporting, my annual parenting payment is approx $19,500


Then parenting payment will be 19,500 - not 26,199


So taxable income will be more like 42,978 than 49,647?


So extra tax on parenting payment more like $ 1800, allowing for

low income offset, SAPTO, and M levy reduction.




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randouser0032(Newbie)Newbie
29 June 2024

@Bruce4Tax is it possible you could help me please? I had a look at your dashboard and you seem super knowledgeable 😊

Liked by KylieATO

Most helpful reply

Bruce4Tax(Taxicorn)Taxicorn
30 June 2024

$26,169 - before reporting above income.

$1273 tax payable. 


*After reporting, my annual parenting payment is approx $19,500


Then parenting payment will be 19,500 - not 26,199


So taxable income will be more like 42,978 than 49,647?


So extra tax on parenting payment more like $ 1800, allowing for

low income offset, SAPTO, and M levy reduction.




randouser0032(Newbie)Newbie
30 June 2024

Hi,


Thanks so much for taking the time to reply! So I would pay tax on what I’ll receive after reporting?


Sometimes I have a day off work due to children’s appts, but it should end up being okay?


I need to survive but also don’t want a tax bill.


It’s actually $19,379.88 I’ll receive annually as a single parent after reporting.

randouser0032(Newbie)Newbie
30 June 2024

@Bruce4Tax

I am still a little confused though on how much tax to pay.


Actual combined income (work & parenting payment)


$42,857.88

tax payable according to a calculator for 24/25 is $3945

Minus the $844 tax from work.. leaves $3,101?


OR


do I pay tax separately?


Pay tax on $19,379.88 for the parenting payment.

thats $189


doesn’t seem right. I’m just confusing myself at this point still.





Bruce4Tax(Taxicorn)Taxicorn
1 July 2024

@randouser0032

$42,857.88

tax payable according to a calculator for 24/25 is $3945

Minus the $844 tax from work.. leaves $3,101?


But you have not included LITO, SAPTO, and M Levy.


ATO will automatically calculate these amounts.


do I pay tax separately?


No


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