Calculating tax payable for 2024/2025 year

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 · Accepted Answer

Bruce4Tax · Answer

$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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