SerenaJ Posted July 2, 2016 Share Posted July 2, 2016 Hi there, I'm just wondering how accurate the online salary calculators are such as http://www.paycalculator.com.au/ I'm trying to estimate approximate disposable income, based on expected household income, but I'm unsure whether these are an accurate steer as to what you would actually be left with after tax and Medicare. Would anyone be so good as to punch in their annual income and see if the result tallies with what they get in their monthly pay cheque? Are there any other levies or deductions that I'm not aware of? Many thanks. Quote Link to comment Share on other sites More sharing options...
Eera Posted July 2, 2016 Share Posted July 2, 2016 Based on my income, the figures are extremely accurate - it is the ATO after all, so you'd hope so. I doubt you'd have any fee-help or anything (the standard deductions are listed in the corner), but what it doesn't take in to account is the various tax deductions or surcharges you get come end of financial year, or situations like family tax benefits. Quote Link to comment Share on other sites More sharing options...
xxlornaxx Posted July 3, 2016 Share Posted July 3, 2016 Extremely accurate for me...I always use it Quote Link to comment Share on other sites More sharing options...
vickyplum Posted July 3, 2016 Share Posted July 3, 2016 Yep accurate for me too. Always us it for working stuff out! Quote Link to comment Share on other sites More sharing options...
Alan Collett Posted July 3, 2016 Share Posted July 3, 2016 https://www.ato.gov.au/Calculators-and-tools/Tax-withheld-calculator/Individual-Non-business-Calculator.aspx Use this calculator to work out your net pay if you will be in a PAYG based employment and will be receiving a wage or salary. Best regards. Quote Link to comment Share on other sites More sharing options...
SerenaJ Posted July 4, 2016 Author Share Posted July 4, 2016 Based on my income, the figures are extremely accurate - it is the ATO after all, so you'd hope so. I doubt you'd have any fee-help or anything (the standard deductions are listed in the corner), but what it doesn't take in to account is the various tax deductions or surcharges you get come end of financial year, or situations like family tax benefits. Thanks - this is good to know. I'm unsure what you mean by possible surcharges at the end of a tax year? Are you saying there could be a tax bill for certain things? Quote Link to comment Share on other sites More sharing options...
Ken Posted July 5, 2016 Share Posted July 5, 2016 Thanks - this is good to know. I'm unsure what you mean by possible surcharges at the end of a tax year? Are you saying there could be a tax bill for certain things? There could indeed be a tax bill at the end of the year - but generally only if you have income that isn't being taxed on a PAYG basis. Most people get a tax refund because the Australian PAYG system overcharges anyone whose income changes during the year since unlike the UK system it doesn't use Year-To-Date figures. Quote Link to comment Share on other sites More sharing options...
SerenaJ Posted July 5, 2016 Author Share Posted July 5, 2016 There could indeed be a tax bill at the end of the year - but generally only if you have income that isn't being taxed on a PAYG basis. Most people get a tax refund because the Australian PAYG system overcharges anyone whose income changes during the year since unlike the UK system it doesn't use Year-To-Date figures. I see what you mean. Thanks. Quote Link to comment Share on other sites More sharing options...
NickyNook Posted July 5, 2016 Share Posted July 5, 2016 There is also the Medicare Levy Surcharge, which applies if you earn over a particular amount ($90k for singles/$180k for families) and you don't have private hospital insurance. Employers mostly deduct the Medicare Levy but not the Surcharge. The Surcharge will appear on a tax bill at the end of the year if it applies. Quote Link to comment Share on other sites More sharing options...
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