Calculate what your annual gross salary is based on your net pay with Savvy’s income gross-up calculator
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Whether you’re filling in a loan application, applying for a new job or completing a household budget, sometimes you need to know your annual gross salary. Use this handy Savvy income gross-up salary calculator to find out quickly and easily how much you’re earning and what tax you’ll pay in a year.
It’s simple to use this salary gross-up wage calculator to find out what your annual salary is based on your net pay. Just enter in your net pay either weekly, fortnightly, monthly or annually. Use the green arrow to change the frequency of your pay period. From there, you can see your results, which will tell you what your annual gross income is and the annual tax you will have paid.
There are many situations when you may need to know your annual salary based on your take-home pay. These can include:
You can use this reverse income tax calculator to quickly tell you what your grossed-up salary will be, remembering that the calculations provided are based on standard Australian income tax thresholds.
If you earn at or below $18,200 this coming financial year, you aren’t required to pay income tax. The income tax thresholds in Australia start at an income of $18,201 (representing the same brackets as the 2021-22 financial year) and are as follows:
| 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 |
The above rates do not include the Medicare levy of 2%
The Australian Taxation Office has introduced a new work from home calculation method which applies to those working from home due to COVID-19 restrictions. You can either:
Every time you donate to a registered charity over $2, you can claim this gift as a tax deduction. Just make sure you get a receipt for your donation, and ensure that the charity you donate to is registered as a ‘Deductible Gift Recipient Organisation’ and if you aren’t sure, look them up on the ATO list.
Most schools and churches aren’t registered as Deductible Gift Recipients so you probably won’t be able to claim your donation as a tax deduction if you donate to either of these organisations.
During the year, it’s easy to forget about expenses incurred, including donations to charities. It’s a good idea to create a spreadsheet or list at the beginning of the tax year, and each time you make a donation, or make a claimable payment, record it in your ‘tax deductions’ list.
There are now specialised tax apps which allow you to use your mobile phone camera to photograph receipts and store them away in a tax file until you need them at tax time.
Almost all the money you have to spend to earn your income can be claimed as a tax deduction. It’s estimated that up to $300 million is unclaimed each year by self-lodging Australians who don’t claim the tax deductions that they’re entitled to.
The cost of paying a tax agent or accountant to do your tax return is in itself tax-deductible, so make sure you get professional help to do your tax return and claim all deductions you’re entitled to.
Quantum Savvy Pty Ltd (ABN 78 660 493 194) trades as Savvy and operates as an Authorised Credit Representative 541339 of Australian Credit Licence 414426 (AFAS Group Pty Ltd, ABN 12 134 138 686). We are one of Australia’s leading financial comparison sites and have been helping Australians make savvy decisions when it comes to their money for over a decade.
We’re partnered with lenders, insurers and other financial institutions who compensate us for business initiated through our website. We earn a commission each time a customer chooses or buys a product advertised on our site, which you can find out more about here, as well as in our credit guide for asset finance. It’s also crucial to read the terms and conditions, Product Disclosure Statement (PDS) or credit guide of our partners before signing up for your chosen product. However, the compensation we receive doesn’t impact the content written and published on our website, as our writing team exercises full editorial independence.
For more information about us and how we conduct our business, you can read our privacy policy and terms of use.
© Copyright 2024 Quantum Savvy Pty Ltd T/as Savvy. All Rights Reserved.
© Copyright 2024 Quantum Savvy Pty Ltd T/as Savvy. All Rights Reserved.
Quantum Savvy Pty Ltd (ABN 78 660 493 194) trades as Savvy and operates as an Authorised Credit Representative 541339 of Australian Credit Licence 414426 (AFAS Group Pty Ltd, ABN 12 134 138 686). We are one of Australia’s leading financial comparison sites and have been helping Australians make savvy decisions when it comes to their money for over a decade.
We’re partnered with lenders, insurers and other financial institutions who compensate us for business initiated through our website. We earn a commission each time a customer chooses or buys a product advertised on our site, which you can find out more about here, as well as in our credit guide for asset finance. It’s also crucial to read the terms and conditions, Product Disclosure Statement (PDS) or credit guide of our partners before signing up for your chosen product. However, the compensation we receive doesn’t impact the content written and published on our website, as our writing team exercises full editorial independence.
For more information about us and how we conduct our business, you can read our privacy policy and terms of use.
