income_tax | R Documentation |
Income tax payable
income_tax(
income,
fy.year = NULL,
age = NULL,
.dots.ATO = NULL,
System = NULL,
return.mode = c("numeric", "integer", "sum", "mean"),
nThread = getOption("grattan.nThread", 1L)
)
income |
The individual assessable income. |
fy.year |
The financial year in which the income was earned. Tax years 2000-01 to 2018-19 are supported, as well as the tax year 2019-20, for convenience.
If |
age |
The individual's age. Ignored if |
.dots.ATO |
A data.frame that contains additional information about the individual's circumstances, with columns the same as in the ATO sample files. Age variables in |
System |
A |
return.mode |
The mode (numeric or integer) of the returned vector. |
nThread |
Number of threads to use. |
The function is inflexible by design.
It is designed to return the correct tax payable in a year, not to model the tax payable
under different tax settings. (Use model_income_tax
for that purpose.)
The function aims to produce the personal income tax payable for the inputs given
in the tax year fy.year
. The function is specified to produce the most accurate
calculation of personal income tax given the variables in the ATO's 2% sample files.
However, many components are absent from these files, while other components could
not be computed reliably.
For the 2018-19 tax year, the function calculates
The tax as specified in Schedule 7 of the Income Tax Rates Act 1986 (Cth).
See medicare_levy
for details.
See lito
for details.
See sapto
. For years preceding the introduction of SAPTO,
the maximum offset is assumed to apply to those above age 65 (since the sample files only provide 5-year
age groups).
See small_business_tax_offset
for details.
The flood levy and the temporary budget repair levy.
Notably, when used with a 2% sample file, the function will not be able to correctly account for different tax rates and offsets among taxpayers with dependants since the sample files (as of 2015-16) do not have this information.
The total personal income tax payable.
Tim Cameron, Brendan Coates, Matthew Katzen, Hugh Parsonage, William Young
## Income tax payable on a taxable income of 50,000
## for the 2013-14 tax year
income_tax(50e3, "2013-14")
## Calculate tax for each lodger in the 2013-14 sample file.
# library(data.table)
# library(taxstats)
# s1314 <- as.data.table(sample_file_1314)
# s1314[, tax := income_tax(Taxable_Income, "2013-14", .dots.ATO = s1314)]
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