Calculation based on the following tax table
2022/23 Australian Individual Income Tax Rates
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% 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.