Income tax calculator
Up for a promotion or pay rise? Switching jobs? Receiving income from an investment? All of these things can affect your taxable income, and it is worthwhile being aware of your tax obligations before a bill arrives. Our income tax calculator only requires your annual gross income (which you can determine using our income gross-up calculator) and an indication of your Medicare levy obligation, and from that will produce some very useful and interesting data. Firstly, you’ll see a breakdown of your next income annually and weekly, and the annual tax you pay, for both this financial year and last. These are also expressed in pie charts for each financial year in question with handy data labels displaying the percentage of your gross income that gets taken out as income tax. For those with an income that falls within the thresholds that changed between 2017/18 and 2017/19, you’ll see the percentage differ between the years – something you’ll notice again at tax time!
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