Quick 2018 Tax Approximation for Australian Residents

Simple 2017 / 2018 Australian Tax Calculator

Calculate approximate tax payable for the financial year 2017 / 2018 ending on 30 June 2018 for Australian Residents.

 

Income (after deductions): $.00

Approximate Tax: $0

 

Tax Breakdown

Income$
Marginal Rate%
Base Tax$
+ Medicare Levy*$
- Low Income Offset$
= Approx Tax$

 

Please note: This calculator is an approximation. Do not rely on this calculator!!! I wrote this because the ATO one was offline at the time, and when it did work it took forever to fill out. I just wanted a quick rough estimate. This calculator does not allow for:

  • *Medicare Levy. Calculator above is only accurate if income is over $27,068 and you are single with no dependants and no medicare levy exemptions or reductions. Medicare levy is reduced for many taxpayers, especially pensioners and families.
  • Pensioner Tax Offset
  • Debts (like HECS or HELP loans)
  • Zone or Overseas Rebates
  • Unearned under 18 Income or first tax return
  • Non Residents
  • Small Business Rebate
  • Medicare Levy surcharge (if your income is over $90,000 and no private health)
  • Capital gains, prior year losses, primary production, fuel and film rebates, and so on.
  • Other things I missed 🙂

This does not take into consideration your circumstances and is intended as a general guide only. Please visit the ATO website for more accurate calculators.

 

2017 / 2018 Tax Table

The tax rates remain the same as 2016/2017. The temporary budget repair levy ceased from 1 July 2017

Taxable IncomeTax On This Income
0 – $18,200Nil
$18,201 – $37,00019c for each $1 over $18,200
$37,001 – $87,000$3,572 plus 32.5c for each $1 over $37,000
$87,001 – $180,000$19,822 plus 37c for each $1 over $87,000
$180,001 and over$54,232 plus 45c for each $1 over $180,000

 

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