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 will take a couple of seconds to complete. 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, that is, they 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 your provide and you should only use it as general advice. It doesn't take into account your personal or financial situation.
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How do I use the income tax calculator?
The income tax calculator is simple to use. You’ll need to know what your gross annual income is – that means your income before subtracting deductions and taxes. Once you enter this figure in you’ll receive two results. It will state your net annual income, that is, the income you receive after PAYG has been deducted. Below it will state how much tax you're liable to pay based on the income you've stated.
Take care when using this calculator to look at the correct financial year.
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 ABN? Are the tax rates different?
If you're self employed or a sole trade, the same income tax rates apply to your situation. For example, if you've earned $100,000 as a sole trader you would be liable 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 in your return you'll be able to pay the remaining $4,947 and therefore, not receive any tax back.
Max earns $45,000 per year. He wants to save 30% of his income, but isn’t sure of 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 per year to save. This is a total of $11,648.
Max divides this by 52 weeks and is left with a total of $224, meaning he’ll have approximately $522 left per week once his savings are deducted. Max works out that this is too much money for him to put away given his rent and living expenses, so he reduces the amount $200 and in a year saves $10,400.
If you plan your budget out and regularly set aside money for different expenses with a tool such as an automatic transfer, it makes the process more accurate. An income tax calculator can also help when purchasing an asset, as you can find out who is in a lower tax bracket and therefore whose name the asset should be purchased in 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 by?
Tax returns need to be lodged by 31 October. Keep in mind that the financial year ends on the 30 June.
Is prize money taxable?
Lottery, game show and raffles isn’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 overcome 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 budget accurately and plan your tax minimisation strategies accordingly. Remember that when planning these matters it’s always helpful to seek the advice of a tax expert such as an accountant.