Saturday, October 21, 2023

Moominmama's Taxes 2022-23

I also did Moominmama's taxes for this financial year. The post about last year's taxes is here. Here is a summary of her tax return for this year:

Her salary was up only 3% this year. Gross income was down 2%, though there were some big fluctuations across categories. Australian dividends rose quite strongly, which is something of a trend...

Total deductions rose by 46%, mainly because of increased interest costs. As a result, net income fell 27%. 

Gross tax applies the tax bracket rates to taxable income. This was more than offset by franking credits. So, she gets the franking credits refunded as cash and has a negative tax rate. As a result, she should get a large refund.

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