Our Tax Calculator uses exact ATO formulas when calculating your salary after income tax. The tax withheld calculator or tax tables provided by the Australian Taxation Office (ATO), which your employer uses to calculate PAYG tax, rounds your income and taxes to the nearest whole figure, hence you may have some discrepancies with your actual pay on your payslip. Usually it's only a couple of dollars per month or fortnight, but still isn't ideal. Here you get CORRECT calculations what your salary and taxes should be. However any overpaid taxes will be returned to you when you do your tax refund at the end of financial year.
Taxes and Insurance:
If your income is above a certain threshold ($84,000 for singles or $168,000 for couples), you should consider buying private hospital cover, otherwise you need to pay the Medicare Levy Surcharge (MLS).
The surcharge is calculated at the rate of 1% to 1.5% of your income for Medicare Levy Surcharge purposes.This is in addition to the Medicare Levy of 1.5%, which is paid by most Australian taxpayers.
This calculator does not include any Medicare Levy Surcharges and assumes you have private health insurance.
Your most valuable asset is your ability to earn an income that will allow you to maintain your lifestyle, therefore it makes sense to protect it. Income protection insurance provides a replacement income of up to 75% of your current income if you are unable to work due to illness or injury.
How long would you be able to maintain your standard of living, or provide for your family if you were too ill or injured to work for an extended length of time? Get income protection now! And remember, income protection premiums are 100% tax deductible...
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