Donations Tax Calculator
How much good can you do? The GoodCompany calculator is a tool to help you discover just how generous you can afford to be. Simply add in your gross annual income and your annual donation amount and it will display the net cost of your donation and your tax saving.
Calculation based on the following tax table 2020/21 Australian Individual Income Tax Rates Taxable income Tax on this income 0 – $18,200 NIL $18,201 – $37,000 19c for each $1 over $18,200 $37,001 – $90,000 $3,572 plus 32.5c for each $1 over $37,000 $90,001 – $180,000 $20,797 plus 37c for each $1 over $90,000 $180,001 and over $54,097 plus 45c for each $1 over $180,000 The above rates do not include the Medicare levy of 2% or the Temporary Budget Repair Levy of 2% on taxable incomes over $180,000. Rates source Australian Government Taxation Office. This information is not financial advice and is for illustrative purposes only. It’s always a good idea to get independent taxation advice.