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Partners for life

Income gross-up calculator

Ever wondered what percentage of your income goes to paying your tax bill? With the Income gross-up calculator, you can put in your annual net/after tax income, select whether or not you pay the 2% Medicare levy, and voila! You’ll see your annual gross income, annual tax payable, your tax to gross income ratio, and a handy visual chart indicating the ratio. You’ll also see the “Tax Threshold” button, where you can check the current 2018-2019 income tax rates and see where your income lies within that. In our experience, seeing clearly what percentage of your total gross income is “lost” in tax can be a great motivator to legally minimise tax, both in your personal finances and within your business. Whether that be changing a business structure, deducting business costs where you can, looking into a home loan offset account or more – paying less tax is often a very achievable goal.

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