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Looks correct to me, except for Medicare which you have not put...

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picastoc

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18/09/16

11:18

Post #: 19232882
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Originally posted by magneto ↑

Hi, if I have no income besides dividends, could someone please verify the following calculation?

Income not including dividends = 0
Dividends = 20,000
Franking credit = 8570
Total taxable = 28570 (adding 20000 + 8570)
Marginal tax rate = 19% (more than 18200 but less than 37000)
Total tax payable = 1970 (calc as (28570-18200)*19% )
Tax refundable = 6600 (calc as 8570-1970)
Total net = 26600

Ta

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Looks correct to me, except for Medicare which you have not put into your calculation.
But it all depends on many other things as to what this is, if anything.

See: https://www.ato.gov.au/calculators-and-tools/medicare-levy/
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