How is income tax calculated in Australia?

Income tax in Australia is calculated based on your total taxable income and the relevant tax rate that applies to you based on factors such as your residency status. Australia’s progressive tax system means that if you earn more, you’ll usually need to pay more in income tax.

How much do Australians make a year?

The average annual salary in Australia is $94,000, while the median sits at $65,000 (midpoint of all recorded salaries, with half of working Australians earning more and half earning less). Using our salary calculator, we can determine that the average Australian gross salary of $94,000 per year translates to a monthly take-home pay of $5,925.

How does the ATO tax calculator work?

This calculator applies the ATO's formulas for calculating daily, weekly, fortnightly, and monthy tax withheld amounts and tested against provided sample data. However, please note that the results obtained may have minor variations due to rounding figures or the calculator's limitations in capturing an individual's complete personal circumstances.

How much HECS-HELP debt do Australians have?

Australians currently hold about $50 billion worth of HECS-HELP debt. (ABC News: Danielle Bonica) The looming financial new year heralds an unwelcome extra cost for thousands of people who currently have HECS-HELP debts. This is because every unpaid debt is going to automatically increase when it's indexed on June 1.