Mortgage Calculator

Income Tax Calculator

 

Get an idea of how much tax you will have to pay with our Income Tax Calculator.  Please note, this calculator does not take into account any rebates or offsets you may be entitled to and as such simply provides you with an estimate of your Australian income tax requirements at the end of the financial year.

How to use the income tax calculator

Firstly, enter your expected GROSS income.  This is your total income before tax has been taken out. Then select if you need to add the Medicare Levy.  You would select yes if you do not have private health hospital cover.  If you are unsure, we recommend to leave it as yes.

That’s it!  The calculator will do the work for you.  You’ll be able to see the estimated tax for both this year and last.  Then it will show you your net income amounts (after tax) annually, monthly and weekly.

Important notice: All computations are for illustrative purposes and do not constitute advice or a guarantee of a loan approval.

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Why You Might Want to Use an Income Tax Calculator

Sometimes it can be difficult to know all the number you need to add into financial paperwork such as a loan application.

For example, if you changed your job, perhaps your income changed from last year.  That’s where you can estimate your total income for the year and enter the details into this income tax calculator.  Then you can quickly see how much your annual, monthly and weekly figures are likely to be to add to your loan application paperwork.  It also gives you an idea of how much tax the ATO will expect you to pay at the end of the financial year.

We Can Make Completing Your Home Loan Application Even Easier

At The Property Education Company, we are dedicated to making process of owning your own home seamless and simple.  And, that starts with a home loan application.

As award-winning independent mortgage brokers, we’ve helped thousands of people with the whole process.  We can offer you a wide range of options because we have connections with many lenders.  Be sure to chat with us today

income tax calculator