Loan Calculator and Tax Rates
The results of this loan payment calculator are for comparison purposes only. They will be a close approximation of actual loan repayments if available at the terms entered, from a financial institution. To use, enter values for the Loan Amount, Number of Months for Loan, and the Interest Rate (e.g. .25), and click the Calculate button. Clicking the Reset button will clear entered values. Enter only numeric values (no commas), using decimal points where needed. Non-numeric values will cause errors.
Individual Tax Rates 2023-24 for Australian Residents*
| Taxable Income | Tax on this income | ||
|---|---|---|---|
| $0 – $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 $120,000 | ||
| $180,001 and over | $51,667 plus 45c for each $1 over $180,000 |
* The above rates do not include the Medicare levy of 2.0% of taxable income, subject to low income thresholds. Does not include the Medicare levy surcharge for persons without private health insurance
Changes to Individual income tax rates and thresholds from 1 July 2024.
Last updated 6 March 2024.
On 25 January 2024, the government announced changes to individual income tax rates and thresholds from 1 July 2024. These changes are now law.
From 1 July 2024, the proposed tax cuts will:
- Reduce the 19 per cent tax rate to 16 per cent
- Reduce the 32.5 per cent tax rate to 30 per cent
- Increase the threshold above which the 37 per cent tax rate applies from $120,000 to $135,000
- Increase the threshold above which the 45 per cent tax rate applies from $180,000 to $190,000
Company Tax Rates 2023-24
25% for Base rate entities* (*for companies with an aggregated annual turnover of less than $50m – see also the definition of base rate entity passive income at www.ato.gov.au)
30% for entities other than Base rate entities
Individual Tax Rates 2022-23 for Australian Residents*
| Taxable Income | Tax on this income | ||
|---|---|---|---|
| $0 – $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 $120,000 | ||
| $180,001 and over | $51,667 plus 45c for each $1 over $180,000 |
* The above rates do not include the Medicare levy of 2.0% of taxable income, subject to low income thresholds. Does not include the Medicare levy surcharge for persons without private health insurance
