Find out how much money you receive after tax so you can budget accurately.
Our calculator will help you calculate how much tax you get back or how much you owe. It only takes a couple of seconds to fill in the necessary information.
Each year, income tax rates depend on your income and your residency status. Non-residents are taxed at a high rate and are not entitled to a tax-free threshold. So if you're a non-resident, you'll need to pay tax on any income earned from an Australian source.
Please note that all outcomes provided in the calculator are based on the information you provide, and you should only use it as general advice. It doesn't take into account your personal or financial situation.
How do I use the income tax calculator?
The income tax calculator is simple to use. First, you’ll need to know your gross annual income. This is your income before any deductions or taxes. Once you enter this figure into the calculator, you’ll receive two results. You will see your net annual income, which is the income you receive after PAYG has been deducted, and how much tax you'll need to pay based on the income you've stated.
Just make sure you are looking at the correct financial year when using the calculator.
What are the tax thresholds for the 2015 - 2016 financial year?
|Taxable income||Tax calculated at|
|Less than $18,200||None|
|$18,201 - $37,000||19c per $1 > $18,200|
|$37,001 - $87,000||32.5c per $1 >$37,000 plus $3,572|
|$87,001 - $180,000||37c per $1 >$87,000 plus $19,822|
|More than $180,001||45c per $1 >$180,000 plus $54,232|
What if I use an Australian Business Number (ABN)? Are the tax rates different?
If you're self-employed or a sole trader, you still pay the same income tax rates. For example, if you've earned $100,000 as a sole trader, you would need to pay $
I've already paid tax this year. Do I have to pay more?
This depends on your income. Maintaining the example above, if you earn $100,000 in the financial year and you've already paid $20,000 in PAYG tax, then you'll still need to pay the remaining $4,947.
Max earns $45,000 per year. He wants to save 30% of his income but isn’t sure how much of the $45,000 he’ll be able to save each year. Using the calculator, he works out that he will have $38,828 left after taxes. Max calculates that 30% of this total is $11,648.
Max divides this amount by 52 weeks and gets a figure of $224. This is the money he would have to save each week to meet his savings goal. Max figures out that saving this much will only leave him with approximately $522 per week once he deducts his savings. He decides that this is too much money for him to put away given his rent and living expenses, so he reduces the amount to $200 and in a year saves $10,400.
If you plan your budget and regularly set aside money for different expenses with tools such as an automatic transfer, it makes the process more accurate. An income tax calculator can also help when purchasing an asset because you can find out who is in a lower tax bracket and who should purchase the asset to minimise capital gains tax.
Your general tax questions answered
Do I need to declare interest on my savings account if it’s a small amount?
You’ll need to declare any interest earned in a savings account.
When do I need to lodge my tax return?
You need to lodge your tax returns by 31 October. Keep in mind that the financial year ends on the 30 June.
Is prize money taxable?
Winnings from lotteries, game shows and raffles aren’t taxable, but if you regularly receive winnings from game shows it might be.
Is child support taxable?
You usually don’t have to declare child support payments. You also can’t claim deductions for these.
Are cash birthday presents taxable?
These are not taxable, although if the amount received was a large amount or was earned in a business-style transaction they might be.
Are overseas pensions taxable?
If you’re an Australian resident for tax purposes, you’ll be taxed on your foreign pensions, annuities, capital gains from overseas properties and more. Australia has a system to avoid double taxation in the event that you get taxed in the country where your income comes from. If you’re not an Australian resident, you usually won’t need to declare earnings from overseas sources.
Knowing how much tax you’ll pay in a year will help you to budget accurately and to plan your tax strategies. Remember that when planning your tax strategies, you should always seek the advice of a tax expert such as an accountant.