Income Tax Calculator

How much tax do I pay on my income? What is my gross income each year?

Income Tax Calculator

Calculating the amount of tax you owe as a result of your taxable income is essential when it comes to paying income taxes.

With our Income Tax Calculator, these numbers are easy to calculate.

Simply input your annual gross income and decide whether you should add a medicare levy or not. Use the calculator below to find the taxes you owe based on your taxable income.

How Much Income Tax Will I Have To Pay?

Income tax is determined by taking a person’s income and taking away any immediate deductions. These deductions can include tax offsets, salary sacrifice, and others. The majority of other deductions only provide individuals with a benefit once your tax return for the year is received.

What About Salary Sacrifice?

Salary sacrifice typically results in more super and less tax. It’s also possible to make direct payments from your bank account into your super. Contributing directly towards your super may be worthwhile if:

  1. Your employer is not supporting salary sacrifice.
  2. You feel you are not early enough to organize salary sacrifice with your employer, but you’d still like to receive a tax benefit.

When you’re paying direct, you’re saving the same on income tax as you would with salary sacrifice. The difference is you will not receive your benefit immediately. Instead, you’ll receive your benefit at tax time.

For those who are earning beyond $250,000 per year, the tax benefit is only permitted on the initial $250,000. This includes employer contributions salary sacrifice payments as well as any direct contributions in which you are planning to claim a tax deduction. Before the end of the financial year, you will have to notify your fund with the ATO form.

Anyone earning income plus before-tax super contribution that is:

  • Less than $250,000 p.a. Will need to pay 15% in taxes on their salary sacrifice contributions;
  • Beyond $250,000 p.a. will have to pay 30% in taxes on their salary sacrifice contributions.

Learn more about what you can expect to pay in income tax by speaking with a financial adviser.

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