ATO Tax Calculator

Welcome to the ATO Tax Calculator, located in Caulfield North on Narong Road. Our institution specializes in accounting, establishment, finance, and is a point of interest for individuals seeking accurate and simplified tax calculations.

We understand that the official ATO tax calculator can sometimes be complicated when you need to quickly run various scenarios and determine your salary after tax. Whether you're looking to calculate your current payslip, a pay increase, or a new job offer, our simplified ATO Tax Calculator is here to help.

Simply enter your annual salary into the designated field and click "Calculate" to obtain your annual, monthly, fortnightly, and weekly salary after PAYG tax deductions. We have updated our calculator with the 2023-2024 ATO tax rates, ensuring accuracy and reliability.

It's important to note that starting from 1 July 2023, a new superannuation guarantee contribution rate of 11% will apply to salary and wage payments. We encourage you to check your payslip to ensure your employer is contributing the correct amount of super.

Our Tax Calculator utilizes the exact ATO formulas for income tax calculations. Unlike the tax tables provided by the Australian Taxation Office (ATO) which round your income and taxes to the nearest whole figure, our calculator provides precise calculations. This ensures that you have an accurate understanding of your salary and taxes, avoiding any discrepancies with your actual pay on your payslip. In the event of overpaid taxes, rest assured that they will be returned to you when you file your tax return at the end of the financial year.

Did you know that you can also compare and find the cheapest Health Insurance on the government website? If your income exceeds certain thresholds ($90,000 for singles or $180,000 for couples), it is advisable to consider purchasing private hospital cover to avoid paying the Medicare Levy Surcharge (MLS). The surcharge is calculated at a rate of 1% to 1.5% of your income for Medicare Levy Surcharge purposes, in addition to the standard Medicare Levy of 2%.

Please be aware that our calculator does not include any Medicare Levy Surcharges and assumes that you have private health insurance. We also offer the opportunity to compare the top 10 income protection companies and receive an extra discount. Protecting your ability to earn an income is vital, and income protection insurance can provide a replacement income of up to 75% of your current income if you are unable to work due to illness or injury. Additionally, income protection premiums are 100% tax deductible.

If your pay is quoted as a package in your employment contract, which includes superannuation, our pay calculator is the only one in Australia that recalculates gross salary. This means that you have a clear understanding of your actual salary, superannuation, and taxes.

Furthermore, our calculator can also be used as a superannuation calculator to determine the appropriate contributions your employer should be making to your Super account.

For non-residents for tax purposes in Australia, please select the "Non-resident" option, and the tax calculator will utilize non-resident tax rates.

If you have a HELP/HECS debt to repay, simply tick the appropriate box, and the calculator will display your HELP loan repayments.

Lastly, for individuals who need to submit a BAS with the ATO and calculate their GST, we offer a very convenient GST Calculator.

Please note that the tax rates mentioned above apply to individuals who are Australian residents for tax purposes. Additionally, the Medicare levy increased from 1.5% to 2% starting from July 1, 2014.

If you're considering making a donation to an eligible charity, you can also calculate the tax deduction you could receive using our donation tax deduction calculator.

At ATO Tax Calculator, we strive to provide accurate and user-friendly tools to assist you in understanding your finances and making informed decisions.