Quickly calculate your personal income tax

Quickly calculate your personal income tax by entering your gross income for the financial year

Depending on which tax bracket you fall into, you will owe a different amount.

Working out your taxable gross income can be complicated because not all earnings count towards income in the same way. See how it works with this case study.

Roger does his taxes

Roger was doing his taxes for 2017. His first step was to work out his gross income from all taxable sources. In his case, this was:

IncomeAmount earned (AUD)Taxable amount
Gross salary$80,000$80,000
Rental income in Australia$10,000$10,000
Interest earned from an Australian savings account$400$400
Foreign investment dividends, with a $1,000 total profit$5,000$1,000. Capital gains or losses
Sale of an investment property at a $10,000 loss$100,000$90,000. Capital gains or losses
Total$195,400. Gross income$181,400. Net income.
Deductions
Charitable donations$1,000-$1,000
Interest and repairs on investment property$2,000-$2,000
After deductions total$193,400$178,400

The amount Roger owes in tax is calculated based on his net income and tax bracket. Looking at a table of taxable income thresholds, he was able to see how his charitable donations and other deductions pushed him into a lower tax bracket.

  • With a net income of $181,400, Roger would owe $54,232 in tax, plus another 45c for every dollar over $180,001.
  • After applying deductions and considering taxable income, Roger’s net earnings were $178,400, which means he owes $19,822, plus 37c for every dollar over $87,000.

Tax thresholds in Australia

Taxable incomeTax calculated at
Less than $18,200None
$18,201–$37,00019c per $1 > $18,200
$37,001–$87,00032.5c per $1 > $37,000 plus $3,572
$87,001–$180,00037c per $1 > $87,000 plus $19,822
More than $180,00145c per $1 > $180,000 plus $54,232

Andrew Munro

Andrew writes for finder.com, comparing products, writing guides and looking for new ways to help people make smart decisions. He's a fan of insurance, business news and cryptocurrency.

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