As I mentioned in my earlier article - Self Education Deduction Refund Calculations – Anstis case, If you received Youth Allowance for any year between 2007 to 2010– the Tax Office might automatically amend your tax return and give you an extra refund.
Want to know how much you will get back?
Ok here is my spreadsheet Self Education $550 refund. The file is in Excel 2007 (email me if you still have Excel 2003 and I’ll create an 2003 version).
I have given this out for free (without requiring you to signup for the nomoney newsletter ) – as my passion is to help young people understand tax and money. (But if you use the spreadsheet you will be doing yourself a favour to click and signup – go on do it! ) . I send an email once every month or two telling you what is happening in the world of tax, money and investing – with extras offered to subscribers.
Using the spreadsheet
To use the spreadsheet you just need your earlier notice of assessment which shows your taxable income.
Knowing that most people don’t bother keeping their notice of assessment – I have designed the spreadsheet so you just have to put an estimate of your original taxable income for each year you suspect you’ll get a refund , and the spreadsheet should do the rest.
If you didn’t receive Youth allowance for all of the years – put zero as the income (as you won’t be getting any extra refund if the ATO are not amending your returns).
(note to self – keep your notice of assessments in the one place! – the notice of assessment is an important document that people will ask for if you are going for a loan, etc.)
Students are free to use it for personal use and feel free to direct friends to this page to download the spreadsheet.
Obviously if you decide to join my newsletter (do it here) or forward this to your friends and they join up to the newsletter – I’d appreciate it (and then you get notified every month or two of what’s happening with tax, investing and money)
Why the spreadsheet might not be perfect
Medicare Levy can be calculated on a single or married basis. I have used the single calculations for the various years.