If you’re interested in how the new deficit levy will impact your tax in the new financial year, then take a look at our latest Excel Income Deficit Levy Tax Calculator. Our tax calculators have always been our most downloaded posts on the site and I’m not sure if it’s because you’re all so interested in financial modelling tax tier calculations, or you just want to know how much of your salary goes in tax!
Anyway, if you’re lucky enough to be earning over $180k then congratulations – you’ll attract another 2% in tax in the new financial year! Don’t worry – it’s only 2% of the incremental amount, so if you have $281,000 in taxable income, then your additional tax due to the debt levy will only be $20.
Calculating an amount based on tiering tables is a pretty complex formula, and is commonly used in lots of different financial models, especially pricing models. This simple model includes tiered calculations, data tables and dynamic charting. If you want to know more about how to build a data table and use it in a financial model, this is covered in the Advanced Financial Modelling course which is regularly run as a workshop or an online course. Be sure to play around and have some fun with the chart, as the columns will change if you change the salary input. If you’d like to know more about dynamic charting like the one in this model, consider coming on the Data Analysis & Dashboard workshop.
Download the 2014/15 Excel Income Deficit Levy Tax Calculator
This calculator contains some hidden columns so if you want to break it open and take it apart to see how it all works, please get in touch for the password.