Australia Personal Income Tax Calculator

http://www.investmentpropertycalculator.com.au 2008-2017 Patrick Shi

2017/2018 Income $123,456.00 How To Use: Enter a value in all the YELLOW cells. Press "F9" key if figures do not change after you change anything.
2016/2017 Income $123,456.00 You can find more free Excel calculators related to property investment, mortgage, home loan, child care benefit etc. at my website:
Your Residency Status Full Year Resident http://www.investmentpropertycalculator.com.au
No. of Resident Months 6 Please read the "Terms of Use".

Your Income & Tax

2017/2018 Financial Year 2017/2018 Financial Year Thresholds - Residents 2017/2018 Financial Year Thresholds - Non-Residents 2017/2018 Financial Year Thresholds - Working Holiday Makers
Income $123,456.00 Taxable income Tax on this income Taxable income Tax on this income Taxable income Tax on this income
Income Tax $33,310.72 0 - $18,200 Nil $0 $87,000 32.5c for each $1 $0 $37,000 15c for each $1
+ Medicare Levy ^ $2,469.12 $18,201 - $37,000 19c for each $1 over $18,200 $87,001 $180,000 $28,275 plus 37c for each $1 over $87,000 $37,001 $87,000 $5,550 plus 32.5c for each $1 over $37,000
Low Income Tax Offset $0.00 $37,001 - $87,000 $3,572 plus 32.5c for each $1 over $37,000 $180,001 and over $62,685 plus 45c for each $1 over $180,000 $87,001 $180,000 $21,800 plus 37c for each $1 over $87,000
= Total Tax $35,779.84 $87,001 - $180,000 $19,822 plus 37c for each $1 over $87,000 $180,001 and over $56,210 plus 45c for each $1 over $180,000
Net Income $87,676.16 $180,001 and over * $54,232 plus 45c for each $1 over $180,000
Income: Monthly $10,288.00
Total Tax: Monthly $2,981.65 2017/2018 Financial Year Low Income Tax Offset
Net Income: Monthly $7,306.35 The maximum low income tax offset (LITO) is $445. This reduces by $0.015 in the dollar above $37,000 before eroding entirely at $66,667.
Income: Fortnightly $4,748.31 To be eligible for LITO, you must be a resident for tax purposes.
Total Tax: Fortnightly $1,376.15
Net Income: Fortnightly $3,372.16 * The temporary budget repair levy ceased applying from 1 July 2017.
Income: Weekly $2,374.15
Total Tax: Weekly $688.07 ###
Net Income: Weekly $1,686.08 ###
Effective Tax Rate 28.98% ###

2016/2017 Financial Year 2016/2017 Financial Year Thresholds - Residents 2016/2017 Financial Year Thresholds - Non-Residents 2016/2017 Financial Year Thresholds - Working Holiday Makers
Income $123,456.00 Taxable income Tax on this income Taxable income Tax on this income Taxable income Tax on this income
Income Tax $33,310.72 0 - $18,200 Nil $0 $80,000 32.5c for each $1 $0 $37,000 15c for each $1
+ Medicare Levy ^ $2,469.12 $18,201 - $37,000 19c for each $1 over $18,200 $87,001 $180,000 $28,275 plus 37c for each $1 over $87,000 $37,001 $87,000 $5,550 plus 32.5c for each $1 over $37,000
Low Income Tax Offset $0.00 $37,001 - $80,000 $3,572 plus 32.5c for each $1 over $37,000 $180,001 and over $62,685 plus 47c for each $1 over $180,000 $87,001 $180,000 $21,800 plus 37c for each $1 over $87,000
Total Tax $35,779.84 $87,001 - $180,000 $19,822 plus 37c for each $1 over $87,000 $180,001 and over $56,210 plus 47c for each $1 over $180,000
Net Income $87,676.16 $180,001 and over * $54,232 plus 47c for each $1 over $180,000
Net Income: Weekly $1,686.08
Effective Tax Rate 28.98% 2016/2017 Financial Year Low Income Tax Offset
The maximum low income tax offset (LITO) is $445. This reduces by $0.015 in the dollar above $37,000 before eroding entirely at $66,667.
Difference To be eligible for LITO, you must be a resident for tax purposes.
Total Tax $0.00
Net Income $0.00 * Including the Temporary Budget Repair Levy which is payable at a rate of 2% for taxable incomes over $180,000.
Total Tax: Weekly $0.00
Net Income: Weekly $0.00

This free calculator calculates the tax you owe on your taxable income. This estimate does not include any applicable Medicare levy surcharge, Higher Education Loan Programme (HELP), or Student Financial Supplement Scheme (SFSS) liabilities. Family tax benefit and baby bonus are not taken into account in this tax calculation. It
assumes that working holiday makers will be foreign resident taxpayers and not be eligible for the tax free threshold.

Some tax offsets are available that may reduce the amount of tax you have to pay, for example:
* the senior Australians tax offset
* the pensioner tax offset
* the beneficiary tax offset
* the low income tax offset
* the private health insurance tax offset
* the spouse tax offset, and
* the franking tax offset.

Caution: This calculator is for educational and illustrative purposes only. The results are estimations. Please consult a qualified professional for financial advices.

^ PS: Individual income thresholds applied here. For more accurate result, you can download the free Medicare Levy & Medicare Levy Surcharge Calculator from InvestmentPropertyCalculator.com.au.
Flood Levy Calculator
http://www.investmentpropertycalculator.com.au 2008-2017 Patrick Shi

How To Use: Enter a value in all the YELLOW cells. Press "F9" key if figures do not change after
you change anything.

Flood Levy Calculator *

Aannual Taxable Income Yearly Levy Amount ($) Weekly Levy Amount ($)
$123,456.00 $484.56 $9.32

Flood Levy Thresholds

Taxable income Flood levy on this income
$0 to $50,000 Nil
$50,001 to $100,000 Half a cent for each $1 over $50,000
Over $100,000 $250 plus 1c for each $1 over $100,000

* The flood levy will only apply for the 2011-12 income year.
Tax Reference
http://www.investmentpropertycalculator.com.au

This Year Income Tax

Lower Limit Residents Tax Rate Non-Residents
$18,201 $0.190 $0.325
$37,001 $0.325 $0.325
$87,001 $0.370 $0.370
$180,001 $0.450 $0.450

This Year Medicare Levy

Lower Threshold Upper Threshold Rate
$21,655 $27,068 2.0%

This Year Low Income Tax Offset (LITO)

Lower Threshold Upper Threshold Rate
$37,000 $66,667 1.5%

Last Year Income Tax

Lower Limit Residents Tax Rate Non-Residents
$18,201 $0.190 $0.325
$37,001 $0.325 $0.325
$87,001 $0.370 $0.370
$180,001 $0.470 $0.470

Last Year Medicare Levy

Lower Threshold Upper Threshold Rate
$21,335 $26,668 2.0%

This Year Low Income Tax Offset (LITO)

Lower Threshold Upper Threshold Rate
$37,000 $66,667 1.5%
 2008-2017 Patrick Shi

Part-year Residents Working Holiday Makers

$13,464 $0.150
$4,736 $0.325
$0.370
$0.450

Reduced Rate
10%

Maximum
$445

Part-year Residents Working Holiday Makers

$13,464 $0.150
$4,736 $0.325
$0.370
$0.470

Reduced Rate
10%

Maximum
$445
Terms of Use
http://www.investmentpropertycalculator.com.au

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This calculator is intended only for the private use of its customers. Reproduction, resale, or other redistribution of this calculator or any documen
not permitted without written permission of Mr. Yuquan Shi.

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professional regarding financial decisions.

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 2008-2017 Patrick Shi

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