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Income Tax Calculator product guide

# Income Tax Calculator Estimate your Australian income tax and take-home pay — including Medicare levy — for the current financial year. Essential if you have a side hustle, multiple income streams,...

Income Tax Calculator

Estimate your Australian income tax and take-home pay — including Medicare levy — for the current financial year. Essential if you have a side hustle, multiple income streams, or you're planning a big income change.

The MyBudget Income Tax Calculator gives you the number your budget actually runs on: take-home pay, not gross salary.

What the calculator does

Enter:

  • Your gross annual income (salary, wages, business income, investment income)
  • Any additional income — a side hustle, contract work, rental income
  • The financial year you're calculating for
  • Medicare levy applicability

The calculator then shows:

  • Total tax payable
  • Medicare levy
  • Take-home pay — annually, monthly, fortnightly, and weekly
  • Effective tax rate
  • The impact of a pay rise, a side hustle, or a change in income mix

What people use it for

  • Working out your true weekly take-home for budgeting
  • Modelling a job change or pay rise — the number after tax matters more than the offer letter
  • Planning a side hustle — knowing what you'll actually keep
  • Understanding how additional income is taxed at your marginal rate
  • Setting aside tax if you're a sole trader or freelancer paying quarterly
  • Comparing full-time vs contract work offers on equal terms
  • Retirement planning with different income sources

Why take-home pay is what your budget really runs on

Australians talk about salary in gross terms — but every budget runs on the number after tax. A $90,000 salary, a $95,000 salary with more take-home from tax-effective structuring, and a $90,000 salary with a $10,000 side hustle taxed at the marginal rate can all look different once tax lands.

MyBudget builds your 12-month plan on the take-home number. Which means:

  • You know exactly what's landing in your account each pay
  • Your bills, savings, and lifestyle allocations add up to that number, not gross
  • A pay rise doesn't disappear because you didn't know how it would be taxed
  • A side hustle earns what it actually earns, not the pre-tax version

The math is easy. Making it happen is the hard part

The Income Tax Calculator gives you the take-home figure. What it can't do is:

  • Turn that take-home into a plan that funds bills, savings, and living
  • Set aside tax during the year if you're a sole trader
  • Recut the plan if your income changes mid-year
  • Keep it running for the next 12 months without you having to think about it

That's what MyBudget clients get. Every plan is built on your real take-home number, refreshed whenever life changes.

Try it now

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