Income tax calculator

How to use the income tax calculator

1. Add up your total annual income for the year (your gross annual income will be on your income statement or latest payslip for the financial year).
2. Don't forget about any additional money you've made from freelance, contract work or a side hustle.
3. Enter this figure into the income tax calculator below to see how much tax you will need to pay for the current financial year.
4. This will give you an estimate of how much tax you should have paid for the year.

• Tax calculator disclaimer

  Outcomes provided are based only on the information you give, and you should only use it as general advice. It doesn't take into account your personal or financial situation, any Medicare levy, HECS-HELP debt or any capital gains tax you need to pay, and is just for your standard, annual income. The calculator doesn't take into account any deductions you're eligible to claim. If you have tax deductions to claim, a tax agent can help you claim these correctly to help increase the amount of tax you get back (and you can claim the tax agent fee as a deduction, too).

Disclaimer: Whilst every effort has been made to ensure the accuracy of this calculator, the results should only be used as an indication. They are neither a recommendation nor an eligibility test for any product and should not be construed as financial advice, investment advice or any other sort of advice.

Calculating your tax return: How much tax will I get back?

The calculator will give you an estimate of much tax you'll need to pay based on your annual income. If you've paid more tax than you need to, you should get the difference back as a tax return. Alternatively, if you have not paid the correct amount of tax you will need to make up the difference and pay this to the ATO.

• This calculator is just an estimate. It doesn't take into account the Medicare levy or any HECS-HELP debt you might have, which will also come out of your return.

Expert insight

"Australian income tax is ever-changing, complex and not always black and white. A tax misconception we often come across is [that] earning more income will result in being worse off from a tax perspective. That is simply not the case; the Australian tax system is based on incremental tax thresholds, which means when your income moves into another tax threshold, only the income greater than the threshold is taxed at the higher rate."

Sean Urquhart

Partner, Taxation Consulting, Nexia Australia

How much tax have you paid?

If you earn a salary from your job (meaning you're not a business owner or sole trader) the amount of income tax you've paid should be on your group certificate, payment summary or income statement from your employer.

If that's your only source of income, then the tax you've paid should be very close to what you actually owe. But don't forget to factor in other income sources like dividends from shares, and deductions you can claim.

What are the tax thresholds for the 2024-25 financial year?

To better understand how your tax is calculated, refer to the tax threshold table below.

Income tax rates also depend on your income and your residency status. Non-residents are taxed at a high rate and are not entitled to a tax-free threshold.

So if you're a non-resident, you'll need to pay tax on all income earned from an Australian source.

Your general tax questions answered

• How can I reduce the amount of tax I pay?

  You can reduce your taxable income, and therefore reduce the amount of tax you need to pay, by claiming deductions.

• Do I need to declare interest on my savings account if it’s a small amount?

  Yes, you’ll need to declare any interest earned in a savings account.

• When do I need to lodge my tax return?

  If you're doing your tax return yourself online, you need to lodge your tax returns by 31 October. Keep in mind that the financial year ends on the 30 June.

• Is prize money taxable?

  Winnings from lotteries, game shows and raffles aren’t taxable, but if you regularly receive winnings from game shows it might be.

• Is child support taxable?

  You usually don’t have to declare child support payments, as someone has already paid tax on this.

• Are cash birthday presents taxable?

  These are not taxable, although if the amount received was a large amount or was earned in a business-style transaction they might be.

• Are overseas pensions taxable?

  If you’re an Australian resident for tax purposes, you’ll be taxed on your foreign pensions, annuities, capital gains from overseas properties and more. Australia has a system to avoid double taxation in the event that you get taxed in the country where your income comes from. If you’re not an Australian resident, you usually won’t need to declare earnings from overseas sources.

Want more tips on tax?

Use our comprehensive tax guides to stay on top of your finances this tax season.

How to complete a tax return

Whether it’s your first time or you're a seasoned veteran, lodging a tax return can be tricky. Let finder.com.au walk you through the process step-by-step.

The ultimate guide to tax deductions

Deductions are purchases that you can deduct from your total taxable income, meaning you could pay less tax. Find out the general legislation surrounding tax deductions, as well as some specific examples.

Top tips for maximising your tax returns

Our five top tips for using tax deductions to your advantage and boosting this year’s tax return.

Written by

Alison Banney

Editor

Alison Banney is the money editorial manager at Finder. She covers all areas of personal finance, and her areas of expertise are superannuation, banking and saving. She has written about finance for 10 years, having previously worked at Westpac and written for several other major banks and super funds. See full bio

Alison's expertise

Alison has written 626 Finder guides across topics including:

• Superannuation
• Savings accounts, bank accounts and term deposits
• Budgeting and money-saving hacks
• Managing the cost of living