Calculate your Income Tax



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Home loan comparison

Lender

Variable
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loans.com.au – Variable Home Loan (LVR < 90%)

    Variable
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    HSBC – Home Value Home Loan (Principal and Interest) (LVR < 80%)

      Fixed
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      Newcastle Permanent – Fixed Rate Home Loan (Principal and Interest) 1 Year

        Variable
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        Beyond Bank – Purple Basic Variable Home Loan (New Customer) (LVR 60%-80%)

          Variable
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          Athena – Straight Up Owner Occupied - Celebrate (LVR 50%-60%) (Principal and Interest)

            Fixed
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            IMB Bank – Fixed Rate Home Loan (Principal and Interest) 1 Year (LVR ≤ 80%)

              Variable
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              Liberty Financial – Liberty Low Rate Home Loan (LVR < 95%)

                Base criteria of: a $400,000 loan amount, variable, fixed, principal and interest (P&I) home loans with an LVR (loan-to-value) ratio of at least 80%. However, the ‘Compare Home Loans’ table allows for calculations to be made on variables as selected and input by the user. Some products will be marked as promoted, featured or sponsored and may appear prominently in the tables regardless of their attributes. All products will list the LVR with the product and rate which are clearly published on the product provider’s website. Monthly repayments, once the base criteria are altered by the user, will be based on the selected products’ advertised rates and determined by the loan amount, repayment type, loan term and LVR as input by the user/you. *The Comparison rate is based on a $150,000 loan over 25 years. Warning: this comparison rate is true only for this example and may not include all fees and charges. Different terms, fees or other loan amounts might result in a different comparison rate. Rates correct as of July 25, 2024. View disclaimer.

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                Income Tax Calculator

                Calculations are estimates and provided for illustrative purposes only. They should not be relied on as a true indication of your income after tax. The calculations do not include the Medicare levy, Medicare Levy Surcharge, nor any tax rebates or offsets you may be entitled to.

                How are Tax Rates Calculated? 

                Income tax refers to the type of tax that the government imposes on individuals from various sources of earnings such as from salaries or employment, dividends, interest, rents, royalties, some government payments, pensions, and foreign income.

                The amount you have to pay for your income tax will depend on your earnings. This will also calculate any deductions you can claim if there are any. 

                You will need to lodge your income tax at the end of the financial year. As an employee, your employer will deduct your tax and send it to the Australian Taxation Office (ATO). But if you are self-employed, you will need to do your own income tax.

                Here are the individual income tax rates for the financial year 2022-2023, according to the Australian Taxation Office (ATO). This tax rate is for Australian residents over 18 years of age. Please take note that this table does not include the 2% Medicare levy.

                Taxable income Tax on this income
                0 – $18,200 Nil
                $18,201 – $45,000 19 cents for each $1 over $18,200
                $45,001 – $120,000 $5,092 plus 32.5 cents for each $1 over $45,000
                $120,001 – $180,000 $29,467 plus 37 cents for each $1 over $120,000
                $180,001 and over $51,667 plus 45 cents for each $1 over $180,000

                You can easily calculate how much income tax you may need to pay by simply using our income tax calculator. You just have to enter your employment income and any other taxable income into the calculator. 

                Compare home loan rates

                Income Tax FAQs

                ATO will tax you on income from your personal earnings such as employment, any foreign income, earnings from investments, and capital gains.

                Income tax is important because this money is being used by the government to fund services such as health, education, and infrastructure projects.

                Income tax in Australia has a progressive tax system. This means the more you earn, the higher your tax is. And the lower you earn, the lower your income tax rate is.

                If you are an Australian resident, the tax-free threshold is $18,200. You are only taxed on income above the amount. 

                Base criteria of: a $400,000 loan amount, variable, fixed, principal and interest (P&I) home loans with an LVR (loan-to-value) ratio of at least 80%. However, the ‘Compare Home Loans’ table allows for calculations to made on variables as selected and input by the user. All products will list the LVR with the product and rate which are clearly published on the Product Provider’s web site. Monthly repayments, once the base criteria are altered by the user, will be based on the selected products’ advertised rates and determined by the loan amount, repayment type, loan term and LVR as input by the user/you. Rates correct as of 9 July 2024.

                ^The addition of offset sub-account means your comparison rate will change.

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