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What does the income tax systems calculator do? Designing an income tax system This calculator allows you to adjust the number of tax brackets for individual income tax (from 1-5 tax brackets) and set the tax rate for each tax bracket. Figure 1 shows Australia’s income tax system which has 5 tax brackets.  Calculating government revenue from individuals income tax Once you have decided how many brackets and the tax rate at each bracket, the…

Part 1: Calculating taxUse the ATOs weekly tax table or the ATO app Tax withheld calculator to work out how much tax should have been withheld in the following scenarios.Income detailsAlexBinSuzieGross income for the week$321$1,292$851Tax withheldNet weekly incomeSuzie works for 25 hours a week during the school holidays. She earns $651 a week for 10 weeks of the year. The other weeks of the year, she earns $220 per week (for 42 weeks).How much…

What does the income tax systems calculator do?Designing an income tax systemThis calculator allows you to adjust the number of tax brackets for individual income tax (from 1-5 tax brackets) and set the tax rate for each tax bracket. Figure 1 shows Australia’s income tax system which has 5 tax brackets. Calculating government revenue from individuals income taxOnce you have decided how many brackets and the tax rate at each bracket, the…

Will I need super?The compulsory superannuation system started in 1992, so some people who are currently retired may not have superannuation. But now superannuation is compulsory, most of you will have superannuation when you retire.If you don’t, or your super balance is small, you may be eligible for the Age Pension, or a part pension.How much super will I need?How comfortably you live in retirement will depend on:how long you livewhat type of…

There are several ways you can boost your super. A tax-effective way is through salary sacrificing, or by extending your retirement age. Find out these measures will affect you in the short and long term.Part 1: Contributing to superThere are 2 tax-effective ways to boost your superSalary sacrifice – Your employer pays a portion of your before-tax income into your super fund.Personal super contributions – making your own contributions to your…

Part 1: Factors that impact retirement outcomes Use the moneysmart retirement planner to project the retirement incomes of the following people. Age when they began work Salary Retirement age Projected retirement income Projected retirement income if they salary sacrifice 7% to their super 18 $80,000 67 24 $80,000 67…

Linked activity: Choosing a super fund

Let’s apply your learning about superannuation to future you! Imagine you didn’t nominate your own super fund and your employer chose it for you. Your employer’s default super fund is OneSuper. Part 1: Choose a super fund Go to the ATO website’s superannuation comparison tool. Use the tool to complete the missing information in table 1 (you need to choose a fund that interests you as well). Name of fund…