Australia 2020/21 Budget Tax Cuts Calculator

Your details

Your total annual taxable income before any deductions, for 2020-21. Salary, wages, contractor payments and other assessable income.
AUD
Australians are taxed individually even in couples. Select Couple to enter a second income.
The Medicare levy is 2% of taxable income above the low-income threshold ($22,801 for 2020-21). Toggle off to see income tax only.
Currency
Your annual tax savingModerate saving
A$1,080

How much less you pay in 2020-21 vs 2019-20

2020-21 tax payableA$16,987
2019-20 tax payableA$18,067
LITO (2020-21)A$0
LMITOA$1,080
Marginal tax rate (2020-21)32.5%
Effective tax rate (2020-21)21.2%
After-tax income (2020-21)A$63,013
Weekly savingA$20.77
2019-20A$18,067
2020-21A$16,987

Annual saving: A$1,080

LITO offsetA$0
LMITO offsetA$1,080
Tax payableA$16,987

The 2020/21 budget cuts save you $1080 this year.

  • You save $1080 per year compared with 2019-20, which is $20.77 a week extra in your pocket.
  • Under 2020-21 rates you pay $16987, down from $18067 under the previous year's rates.
  • Your effective (average) tax rate in 2020-21 is 21.2%, meaning you keep 78.8 cents of every dollar earned.

Next stepLodge your 2020-21 return through myTax or a registered tax agent to claim the LMITO, which is only applied after you lodge.

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