Income tax calculator – Use the Atomic Home Loans income tax calculator to work out how much tax you will pay during this financial year.
This income tax calculator is pretty straight forward to use.
Simply input your total gross income and select yes or no as to whether you are required to pay for the 2% medical levy.
The results you will see will give you the total tax you are liable to pay for the most recent financial year.
It will also show you exactly how much tax you would have paid in the previous financial year if you had the same gross income as you did this last financial year.
It’s worth paying attention to your net weekly income, as that is what you will take home each week after tax. This will allow you to budget more effectively.
The graph also illustrates what percentage of your gross income you take home and how much is you is paid out in tax.
This annual income tax calculator does not allow you to account for rental income from investment properties, nor does it allow you to account for depreciation savings, interest paid, or property management fees.
If you have an investment property, you will need to add your rental income to your gross salary, and then subtract the tax deductible costs associated with your investment property.
It’s useful to have an experienced and trusted mortgage broker and accountant on your team. Your broker can ensure your home loan and investment loans are optimized, while your accountant can ensure you are maximizing all possible tax benefits from your investment properties
If you require some assistance or would like to schedule a friendly appointment with an expert from Atomic Home Loans, you may do so by calling (02) 9188 8834 or by leaving us a message on our contact us page so one of our experts can get in touch with you.See All Calculators