Enter 2023–24 return amounts

Why “tax calculator 2024” means the 2023–24 income year here

Australian individual income years run from 1 July to 30 June. A return commonly called the “2024 tax return” covers income earned from 1 July 2023 through 30 June 2024 and is labelled 2023–24 by the Australian Taxation Office.

The Stage 3 changes began on 1 July 2024 and belong to 2024–25, not this page. Applying the later 16% and 30% brackets to a 2023–24 return understates historical tax.

Use this archived page only when the taxable income and PAYG withholding belong to 2023–24. For another income year, select a calculator that names that year and verify the source table.

Resident income tax rates used for 2023–24

These are Australian resident rates. Foreign residents and working holiday makers had different scales and eligibility rules. Residency is a legal tax status, not citizenship or the number of days selected in a simple form.

Marginal rate is the rate on the next dollar of ordinary taxable income within this table. It is not the percentage applied to every dollar and does not include Medicare, study-loan repayment, offsets or special-rate income.

How the 2023–24 low income tax offset is estimated

LITO is up to $700. At taxable income of $37,500 or less, this model allows $700. From $37,501 to $45,000 it reduces by 5 cents for each dollar over $37,500. From $45,001 to $66,667 it starts at $325 and reduces by 1.5 cents per dollar over $45,000. Above $66,667 it is zero.

The offset is non-refundable. It can reduce basic income tax to zero but cannot create a cash payment or directly erase Medicare levy. The result limits LITO and other entered non-refundable offsets to the basic income tax available.

Other offsets have their own eligibility, income tests and ordering. Enter only an amount supported for the return, and remember a calculator cannot determine entitlement from a dollar field.

The ordinary single-person Medicare levy screen

For 2023–24, the ordinary individual lower threshold was $26,000 and the upper phase-in point was $32,500. This calculator returns no levy at or below $26,000, 10% of taxable income above $26,000 through the phase-in, capped at the ordinary 2% of taxable income.

That screen does not cover the seniors and pensioners threshold, spouse and family-income reduction, dependent-child additions, partial-year exemption, prescribed-person exemption or entitlement-to-Medicare issues. Choose “exclude” when a complete return calculation is required elsewhere.

The Medicare levy surcharge is different from the Medicare levy. MLS uses income for surcharge purposes, private hospital cover, family status and thresholds. It is not built into the dropdown; add a correctly calculated amount to other liabilities if using this reconciliation.

Start with taxable income, not salary or bank deposits

Taxable income is assessable income minus allowable deductions under the year’s rules. Salary, allowances, interest, dividends, capital gains, business results, foreign income and other items can contribute. Some payments are exempt or treated specially.

PAYG withholding is a credit already collected during the year, not a deduction from taxable income. A large withholding amount does not reduce the tax formula; it changes the refund or balance after liability is calculated.

Work-related deductions require a connection to earning assessable income, the private portion must be excluded, and records are generally required. Do not enter an aspirational deduction total simply to target a refund.

Capital gains, superannuation lump sums, employment termination payments and income averaging can need special calculations. This page assumes the taxable-income number already reflects the return treatment.

How the refund or balance estimate is reconciled

The calculator subtracts usable LITO and other entered non-refundable offsets from basic income tax. It then adds the Medicare levy scenario and other entered liabilities. PAYG withholding and refundable credits are subtracted last.

If credits exceed liability, the display labels the difference an estimated refund. If liability is larger, it labels an estimated amount payable. The ATO assessment can differ because of pre-fill corrections, debts, interest, offsets, levies or repayments not modelled.

Study and training loan compulsory repayments for 2023–24 depended on repayment income, which can differ from taxable income. Use the ATO’s historical threshold table and enter the resulting amount rather than applying a current rate.

Do not spend an expected refund before assessment. The ATO may use a credit against existing government debts or amend information.

Worked example at $70,000 taxable income

The first $18,200 is tax free. Tax on the slice from $18,200 to $45,000 is $5,092. The remaining $25,000 to $70,000 is taxed at 32.5%, adding $8,125. Basic income tax is therefore $13,217.

LITO has tapered to zero above $66,667. Under the ordinary full-rate Medicare scenario, 2% is $1,400. Before any other liabilities, total is $14,617.

If PAYG withholding and credits are $14,500, the simplified result is $117 payable. Changing withholding changes the settlement but not basic tax. Adding a supported offset changes income tax, while adding a study-loan repayment changes total liability.

A second check you can do by hand

Take a resident with $40,000 taxable income and no special-rate income. Only the part above $18,200 is inside the 19% band, so basic income tax is $21,800 multiplied by 0.19, or $4,142. The 2023–24 LITO starts at $700 and has reduced by $125 because the income is $2,500 above $37,500. That leaves a $575 LITO and $3,567 income tax after the offset.

The ordinary single-person Medicare calculation is already above its phase-in ceiling at $40,000, so the smaller of 2% of income and 10% of income above $26,000 is $800. The simplified total is therefore $4,367 before any other liability. If PAYG withholding was $4,800, the estimate shows a $433 refund. This hand check is useful because each component has a distinct role: the bracket builds basic tax, the non-refundable offset reduces that tax, the levy is added, and withholding is reconciled at the end.

Round-off can make a hand calculation differ slightly from an assessment. The calculator retains cents internally and displays whole Australian dollars. Do not treat the worked result as a promise that another taxpayer with the same salary will receive the same assessment.

Items intentionally outside this simplified model

A complete 2023–24 return can include the Medicare levy surcharge, private health insurance rebate adjustment, HELP or other study-loan compulsory repayment, excess concessional contributions consequences, Division 293 tax, foreign income tax offsets, franking credits, tax withheld from interest, capital-gains concessions, lump-sum tax offsets and income that is taxed using special rules. Family circumstances may also change Medicare calculations even when taxable income is identical.

This calculator does not infer any of those amounts from taxable income. Use the separate liabilities field only when you have calculated an amount under the correct historical rules. Use the credits field only for actual PAYG withholding or refundable credits supported by records; do not place deductions there. Non-refundable offsets belong in the offsets field and cannot reduce the added Medicare or study-loan components in this model.

Where the return includes business income, a trust distribution, foreign income, cryptoasset disposals, employee share schemes, unusual termination payments or a major capital gain, prepare the underlying schedules first. The useful purpose of this page is then reconciliation: compare the component calculations with withholding and identify whether the direction and broad size of the result are plausible before lodging or amending.

Keep the historical inputs auditable

Retain income statements, payment summaries where applicable, receipts, logbooks, statements, capital-gain workings, private-use apportionment and evidence for offsets. Save the final return and notice of assessment.

Attach the income year to every spreadsheet or note. A file named only “tax calculator” can be accidentally reused with later thresholds. Record the source date and any amounts calculated outside this page.

If correcting a lodged return, follow the ATO amendment process. Do not overwrite the original working paper without preserving what was lodged and why it changed.