The way the income taxes work in Australia is simple, the more you earn the more you pay. The people who earn the most pay the most while citizens with marginal incomes sometimes pay nothing at all. Using the Australian tax calculator will help you to figure out how well you did this year and how much of your income is going to the ATO.
The Australian tax calculator can give you an approximation based on the known variables so that you can adjust your thinking and spending to accommodate any future changes. It also able to calculate medical levy and temporary taxes like flood levy.
Taxes for Fiscal Year 2011-2012
Those taxes are effective from July 1, 2011 for Australian tax residents.
Tax on this income
0 - $6,000
$6,001 - $37,000
15c for each $1 over $6,000
$37,001 - $80,000
$4,650 plus 30c for each $1 over $37,000
$80,001 - $180,000
$17,550 plus 37c for each $1 over $80,000
$180,001 and over
$54,550 plus 45c for each $1 over $180,000
Everyone who has a taxable income of more than $50,000 a year would have to pay the flood levy. Flood levy is a temporary reconstruction tax to rebuild infrastructure of Queensland that have been heavily damaged after torrential rains that have caused massive flooding in 2010-11. Flood levy will come into effect on July 1, 2011.
Flood levy schedule:
Less than $50,000
$50,000 - $100,000
0.5c for each $1 over $50,000
$100,001 and over
$250 + 1c for each $1 over $100,000
The Australian tax calculator has been designed to be easy to use so that the average person can get the figures they need to make better financial decisions. This calculator does not take into account any rebates, allowances or additional taxes. The calculator is not designed to calculate anything other than personal salaries and wages. It is also operates using the following assumptions:
you are Australian tax resident
you are not a pensioner
you are filing your taxes as an individual
you do not have eligible private insurance and have to pay medical levy
DISCLAIMER: There is NO WARRANTY, expressed or implied, for the accuracy of this information or it's applicability to your financial situation. Please consult your own financial advisor.