Ato Tax Return Calculator 2014/15

How to Use This Calculator

Using the ATO Tax Return Calculator is straightforward:

1. Enter your total taxable income for the 2014/15 financial year in the "Taxable Income" field.
2. Enter any deductions you may have claimed in the "Deductions" field.
3. Click the "Calculate" button to see your estimated tax return.
4. Review the result and any additional information provided.

The calculator will display your estimated tax return amount, which you can use to prepare your official tax return with the Australian Taxation Office.

Formula Used

The calculator uses the following formula to calculate your estimated tax return:

Where:

• Taxable Income is your total income for the financial year.
• Deductions are any allowable deductions you claimed.
• Tax Payable is calculated based on the tax rates for the 2014/15 financial year.

The tax rates for the 2014/15 financial year are as follows:

• 0% on the first $18,200
• 19% on the next $37,000
• 32.5% on the next $87,000
• 37% on the next $180,000
• 45% on amounts over $267,000

Worked Example

Let's look at an example to see how the calculator works:

Suppose you have a taxable income of $80,000 and deductions of $5,000.

1. Calculate the taxable amount: $80,000 - $5,000 = $75,000
2. Calculate the tax payable:
   • $18,200 at 0% = $0
   • $37,000 at 19% = $7,030
   • $29,800 at 32.5% = $9,790
   • Total tax payable = $0 + $7,030 + $9,790 = $16,820
3. Calculate the tax return: $75,000 - $16,820 = $58,180

In this example, your estimated tax return would be $58,180.