This app is designed to help estimate tax and actual net income for an individual or family. Its useful for comparing how much a job offer or other additional income is really worth.
It takes into account for
- Tax brackets (obviously)
- Low income tax offset
- Family Tax Benefit (FTB) A & B
- FTB Supplements (only if looking at an annual period)
- HELP repayments
It doesnt take into account for:
- Medicare levies.
- Assumes everyone has Australian residency.
- Assumes you have full time care of any children and those children are still in school (or too young for school).
- It is of course just an estimate and shouldnt be used for a tool to estimate exact tax refunds.