Medicare Levy Surcharge Calculator

Discussion in 'Property Information Resources & Tools' started by Ron__, 2nd Jun, 2008.

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  1. Ron__

    Ron__ New Member

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    Launceston
    Ron submitted a new resource:

    Medicare Levy Surcharge Calculator - Medicare Levy Surcharge Calculator

    Read more about this resource...
     
    Last edited by a moderator: 15th Sep, 2016
    Ron__, 2nd Jun, 2008
    #1
  2. AsxBroker

    AsxBroker Well-Known Member

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    AsxBroker, 3rd Jun, 2008
    #2
  3. Ron__

    Ron__ New Member

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    Excel formula?

    Hi,

    Thanks for your reply. I am looking for an excel formula as I would like to add this into a simple tax calculator that I have on my laptop. This way, I can use the calculator any where and simply alter the values as changes in amounts or legislation occurs. I am thinking that an excel guru would throw a couple of vlookups, IF formulas etc. around that would work nicely. Would be great to simply put the details in about the person eg. single, couple, kids, how many etc and the calculator says, yep you are liable for MLS and this is how much. Cheers.

    Ron
     
    Ron__, 3rd Jun, 2008
    #3
  4. AsxBroker

    AsxBroker Well-Known Member

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    Hi Ron,

    You might want to double check the governments new thresholds as PM Rudd changed it.

    Basically it is an additional 1% (on top of the standard Medicare Levy) after you earn more than the thresholds.

    It's relatively simple apart from figuring the out your income.

    Double check more information on the ATO website as they should have all the tools you need.

    Cheers,

    Dan

    PS I'm not a tax adviser, don't believe anything I say!
     
    AsxBroker, 4th Jun, 2008
    #4
  5. Ron__

    Ron__ New Member

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    Thanks Dan,

    Are you suggesting that I trust tax-advisers, ha.

    Ron
     
    Ron__, 5th Jun, 2008
    #5
  6. bella__

    bella__ Active Member

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    Here is a calculator I made, it is part of a more comprehensive tax calculator sheet that I put all my payslips in each fortnight and tells me how I am going throughout the year. It is for 2007-2008, but if you change some of the numbers you can modify it for next year.
     

    Attached Files:

    bella__, 5th Jun, 2008
    #6
  7. Ron__

    Ron__ New Member

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    To Bella

    Hi Bella,

    Thank you for your calculator, I can see how useful that is for you. It is fantastic how people such as yourself are willing to share. The net really is great. Imagine if you were to send the calculator to all of your friends for their benefit then how would you make it easy so that they could simply input whether they are single or couple, kids or no kids, incomes etc. In this way the calculator could actually look at any persons circumstances taking into account the ATO rules and give a Yes/No answer and amount of MLS. Anyway, I am not that good with excel so will keep trying to learn and if I come up an answer I will post it here. Thanks again.

    Ron
     
    Ron__, 5th Jun, 2008
    #7
  8. scoots34

    scoots34 New Member

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    Wodonga Victoria
    Thanks

    Hi Guys,
    Thanks for this. Useful spreadsheet and congrats for thinking ahead of the game. Good luck.
    Cheers,
    Scott
     
    scoots34, 24th Jun, 2008
    #8
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