Weekly Payslip Calculator
To use our Contractor payroll calculator, Simply enter your details into the fields provided, and our calculator will do the rest. You’ll be able to see your net pay and tax liability in seconds.
Email Address:
Pay Period:
Pay Date:
| Earnings | Amount ($) |
|---|---|
| Your Hourly Rate | /hour |
| Hours Worked | |
| Weekly Gross Income | |
| Weekly Superannuation Contribution (11%) | |
| Taxable Salary | |
| Deductions | Amount ($) |
| PAYG Tax | |
| Our Ultra low Payroll Fees (0.85%) | |
| Net Pay |
Disclaimer: This calculator is for informational purposes only and is based on 2022-23 financial year and should not be used as a substitute for professional financial advice. We do not guarantee the accuracy or completeness of the information provided.
Does this calculator includes my Student Loan Payment?
No, Student loans in Australia are financial assistance programs designed to help eligible students cover the costs of their tertiary education. The most common types of student loans in Australia are the Higher Education Loan Program (HELP), the Vocational Education and Training Student Loan (VETSL), and the Trade Support Loan (TSL).
Under HELP, eligible students can borrow money from the Australian government to cover tuition fees and other education-related expenses. The amount borrowed is then repaid through the tax system once the borrower’s income reaches a certain threshold.
VETSL is a similar program that provides financial assistance for vocational education and training courses, while TSL is aimed at apprentices in eligible trades to help them cover the costs of their training.
Repayment thresholds and rates for all types of student loans, including HELP, VETSL, TSL, as well as other schemes such as the Student Start-up Loan (SSL) and ABSTUDY, are updated annually and are based on the borrower’s income. Since July 2019, all student loan types and the Student Financial Supplement Scheme (SFSS) have been consolidated under the same repayment threshold.
How much tax do i pay?
The amount of tax you pay in Australia depends on several factors, such as your income, residency status, and deductions. Here’s a brief overview:
If you’re an Australian resident for tax purposes, you’ll pay tax on your worldwide income.
The tax rates in Australia are progressive, which means that the more you earn, the more tax you’ll pay.
In addition to income tax, you may also have to pay other taxes such as the Medicare levy, which is 2% of your taxable income, and the temporary budget repair levy, which applies to incomes over $180,000.
To get an accurate estimate of how much tax you’ll pay, you can use the Australian Taxation Office’s (ATO) online tax calculator. Keep in mind that this is only an estimate, and your actual tax liability may differ based on your individual circumstances. It’s always a good idea to consult with a tax professional if you have any questions or concerns.
How is tax calculated on wages?
In Australia, tax on wages is calculated using a progressive tax system, which means that the amount of tax you pay increases as your income increases.
The current tax rates for Australian residents for the 2022-2023 financial year are as follows:
- For income up to $18,200, there is no tax payable.
- For income between $18,201 and $45,000, the tax rate is 19 cents for each dollar over $18,200.
- For income between $45,001 and $120,000, the tax rate is $5,092 plus 32.5 cents for each dollar over $45,000.
- For income between $120,001 and $180,000, the tax rate is $29,467 plus 37 cents for each dollar over $120,000.
- For income over $180,000, the tax rate is $51,667 plus 45 cents for each dollar over $180,000.
Employers are required to withhold tax from their employees’ wages and remit it to the Australian Taxation Office (ATO) on their behalf. This is done through the Pay As You Go (PAYG) withholding system.
The amount of tax withheld depends on factors such as your income, tax bracket, and any tax offsets or deductions you may be eligible for. You can use the ATO’s online tax calculator to estimate your tax liability based on your income and other relevant information.
