Whats My Pay? Australia

Instructions + How it works

App Store Information

Instructions

Annual Income example
1. Click the CALCULATE MY PAY button.
Whats my pay Australia iPhone 2019
2. Select the Annual Income tab
Whats my pay Australia iPhone 2019
3. Fill in your 1. Pay 2. Days worked/week 3. Total hours/week 4. Superannuation Rate.
Whats my pay Australia iPhone 2019
4. Click the HIDE KEYBOARD button.
Whats my pay Australia iPhone 2019
5. Done! Scroll down to review the details - LMTO / LMITO / Tax dedeucted / Gross & Nett pay and find out how much you should be taking home.
Whats my pay Australia iPhone 2019
6. Click MENU in any of the calculators to go back to the main menu.
Whats my pay Australia iPhone 2019

Repeat steps for Hourly, Daily, Weekly and Monthly Calculators.


HOW IT WORKS

Australian Tax Rates

Australian income tax is levied at progressive tax rates. The lowest bracket is 0%, known as the tax-free rate for individuals on low incomes. Tax rates increase progressively up to 45% for incomes over $180,000. In addition to tax there are additional levies for Medicare. Individuals on incomes below $18,200 are also entitled to a Low Income Tax Offset (LITO) - the Australian government has also introduced a new Low to Middle Income Tax Offset (LMT) for the 2019-20 year. Refer to the table below for the 2019 – 2020 income brackets:

Taxable income Tax rate
0 – $18,200 0%
$18,200 – $37,000 19%
$37,000 – $90,000 32.5%
$90,000 – $180,000 37%
$180,000+ 45%

Which means Income x Tax
0 – $18,200 $18,200 x 0% = 0
$18,200 – $37,000 $18,800 x 19% = $3,572
$37,000 – $90,000 $53,000 x 32.5% = $17,225
$90,000 – $180,000 $90,000 x 37% = $33,300
$180,000+ AB x 45% = AB x 45%


EXAMPLES


$25,000 through the tax brackets

How it works 25k

$50,000 through the tax brackets

How it works 50k

$100,000 through the tax brackets

How it works 100k

$200,000 through the tax brackets

How it works 200k


For more information visit ato.gov.au.


Superannuation

Superannuation is a pension scheme. It has a compulsory element where employers are required by law to pay a proportion of an employee's salary and wages (currently 9.5%) into a superannuation fund which can be accessed when the employee retires. Superannuation applies to all working Australians, except those earning less than $450 per month, or aged under 18 or over 70.

The superannuation rate will remain at 9.5% until 2021.

Your salary is often quoted as a 'package' where the figure includes the superannuation contribution. In this case the superannuation contribution must be deducted from you salary as tax is not charged on superannuation.

For more information visit australia.gov.au.


Low Income Tax Offset (LITO)

The Low Income Tax Offset is a tax rebate for individuals on low incomes. Since 1 July 2013 the full offset is $445, with a withdrawal rate of 1.5 cents per dollar of income over $37,000, such that it cuts out at $66,667.

For more information visit atotaxrates.info.


Low and Middle Income Tax Offset (LMITO)

If your taxable income is less than $126,000, you will be eligble for the low and middle income tax offset. The amount of the offset you are entitled to will depend on your individual circumstances, such as your income level and how much tax you have paid throughout the year. The maximum offset is $1080 per annum. The base amount is $255 per annum. It does not automatically mean that you will get an extra $1,080 in your tax return.

For more information visit atotaxrates.info.


Medicare

Medicare is an Australian health care scheme funded by an income tax levy to provide all Australians with access to free or low cost medical care. On 1 July 2014 the Medicare levy increased by 0.5% from 1.5% to 2% to fund the National Disability Insurance Scheme (NDIS). If your taxable income is less equal to or less than $22,398 you do not have to pay the Medicare levy. If your income is between $22,398 and $27,997 you will only have to pay part of the Medicare levy.

For more information visit privatehealth.gov.au.


Medicare Levy Surchage (MLS)

Taxpayers earning more than $90,000 a year who don't have private hospital cover, will also have to pay the Medicare Levy Surcharge (MLS). This is a 3 tier levy of 1%, 1.25% and 1.5% tax on top of the 2% Medicare levy depending on your income.

For more information visit ato.govt.au.

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