BCU - Income Tax Calculator (2024)

Income tax calculator

What is income tax?

Income tax is payable to the Australian government on income that you earn. Whether you are paid weekly from your casual shift, or have a regular fortnightly or monthly salary, you are required to pay income tax. How much tax you pay depends on the amount of your income, where people on higher incomes will fall into a higher tax rate than those who earn less.For more information regarding your income tax obligations, please refer to your accountant or tax agent for advice.

How much is income tax in Australia?

Income tax rates in Australia vary depending on factors such as the amount of taxable income you earn. Use our income tax calculator to get an indication of your net income (take-home pay) and income tax payable.

What is the difference between my gross and net income?

Gross income is the amount that you earn before any tax or other deductions are taken out. Net income is the amount you receive after these deductions are taken out.

How do I calculate my income tax?

You can calculate how much income tax you will potentially have to pay by entering either your gross income or net income into our income tax calculator.

How much will I earn after tax?

To work out how much you will earn after tax is deducted, also known as your net income, simply enter your gross salary (choose either weekly, fortnightly, monthly or annually) into the calculator above and select ‘Gross’ as your income type. The calculator will automatically provide an estimate of how much income tax you will be required to pay, and your net take-home income for each period.

What is taxable income?

Taxable income is the amount of money you earn that tax is payable on and can be reduced by making deductions on your tax return such as work-related expenses. There are also some types of income that are exempt from taxation such as pension payments and some education payments.