Income Tax Calculator
How much income tax should you pay in Australia? Use our income tax calculator to find out! Simply enter your annual gross income and choose whether to add a 2% medical levy.
Your results will show the amount of tax paid across the year, along with any yearly changes. You can also see your annual and weekly net income, helping you to plan your home loan repayments threshold.
A wise threshold to use when planning your home loan finances is to ensure repayments do not surpass 30% of your net income.
So, if you earn $100,000 per year, your monthly net income is around $6253. Using the 30% home loan repayment threshold, you should aim to keep your instalments below $1876 per month. This reduces mortgage stress and ensures that you can afford your home loan repayments!
Tighten your budgeting skills today and use our income tax calculator!