Income Tax Calculator: 2024-25

Crunch the numbers on your income tax to work out how much you’ll take home in the 2024-25 financial year.

Last Updated: 13/09/2023
Fact Checked

Calculate your income tax: 2024-25

How to use the income tax calculator

Our income tax calculator is very simple to use. Simply input your annual gross income (salary before tax is deducted) and select whether to include the Medicare levy (2% of your taxable income). You can toggle this on and off to see how much tax you’ll pay with and without the levy.

Once you’ve done this, you’ll see how big a slice of your salary pie is being eaten away by tax. This is also compared to the previous financial year, clearly showing how much you’re saving (or the amount you’re paying extra).

What are the income tax thresholds for the 2024-25 financial year?

The following table shows the current tax thresholds as of the 2024-25 financial year:

Taxable income Tax payable – 2024-25
Up to $18,200
Nil
$18,201 – $45,000
16c for each $1 over $18,200
$45,001 – $120,000
$4,288 plus 30c for each $1 over $45,000
$120,001 – $180,000
$31,288 plus 37c for each $1 over $135,000
$180,001 and over
$51,638 plus 45c for each $1 over $190,000
Source: Australian Taxation Office

For reference, these are the thresholds from the previous financial year, 2023-24:

Taxable income Tax payable – 2023-24
Up to $18,200
Nil
$18,201 – $45,000
19c for each $1 over $18,200
$45,001 – $120,000
$5,092 plus 32.5c for each $1 over $45,000
$120,001 – $180,000
$29,467 plus 37c for each $1 over $135,000
$180,001 and over
$51,667 plus 45c for each $1 over $190,000
Source: Australian Taxation Office

Are there any changes to income tax on the horizon?

Yes – although tax rates will remain the same across the 2025-26 financial year, the Australian Government announced that the 2026-27 financial year will see a decrease in rates for the lowest taxable income bracket. This rate will reduce from 16% to 15% for those earning between $18,201 and $45,000 in 2026-27 and from 15% to 14% in 2027-28.

If you earn $30,000 per year, your total annual income tax will fall from $1,888 to $1,770 in the 2026-27 financial year and $1,652 in 2027-28. Alternatively, for someone receiving $45,000 annually, this means your payable tax will drop from $4,288 in 2024-25 and 2025-26 to $4,020 in 2026-27 and $3,752 in 2027-28.

Income tax FAQs

What is the Medicare levy surcharge?

The Medicare levy surcharge is a charge payable by those who don’t hold a private hospital cover policy and earn above a certain threshold. As of the 2024-25 financial year, you’ll have to pay between 1% and 1.5% of your taxable income if you’re earning above $97,000 as a single or $194,000 as a couple. The amount you’ll have to pay depends on your income and your dependants, as thresholds increase by $1,500 per child.

What is SAPTO?

SAPTO is the seniors and pensioners tax offset. This is a scheme that allows you to reduce your payable tax if you’re an eligible senior or pensioner. As of the 2024-25 financial year, the maximum tax offset is $2,230 for singles and $1,602 for each partner in a couple. If you were forced to live apart due to illness, this increases to $2,040 each.

How does salary sacrificing impact my payable income tax?

Salary sacrificing is when you pay for something out of your pre-tax income, such as a novated lease. Because of this, your taxable income is reduced and therefore your income tax bill will be lower. However, not making any post-tax contributions could leave you with a hefty fringe benefits tax (FBT) bill, unless it’s for something like an EV which is exempt from FBT.