How much tax will I get back if I earn $60000?

To determine the exact amount of tax refund you may receive for an income of $60,000, additional information is required, such as your specific deductions, offsets, and rebates. However, here’s a general estimation using the tax rates as of December 2022.

For an annual income of $60,000, the income tax calculation would be as follows:

For residents

  1. The first $18,200 is tax-free.
  2. The income between $18,200 and $45,000 is taxed at a rate of 19%.
  3. The next income between $45,000 and $120,000 is taxed at a rate of 32.5%.
  4. The next income between 120,000 and $180,000 is taxed at a rate of  37%
  5. Then the next $180,000 is taxed at 45%

To calculate the tax payable, we can break down the income:

  • The income in the first tax bracket ($45,000 – $18,201) is $26,799. The tax payable for this portion is $26,799 x 19% = $5,091.81.
  • The income in the second tax bracket ($60,000 – $45,000) is $15,000. The tax payable for this portion is $15,000 x 32.5% = $4,875.

The total tax payable would be $5,091.81 + $4,875 = $9,966.81.

Keep in mind that this estimation does not consider any offsets, deductions, or rebates that you may be eligible for, such as the Low and Middle Income Tax Offset (LMITO). These factors can affect the final tax liability and potential refund.

For non-residents

  1. The first $0 to $120,000 is taxed at a rate of 32.5%.
  2. The next income between 120,000 and $180,000 is taxed at a rate of  37%
  3. Then the next $180,000 is taxed at 45%

Note: Non-residents are not required to pay the Medicare levy in Australia. The above does not take into account any tax offsets that may apply.

It’s recommended to consult the Australian Taxation Office (ATO) or a tax professional to obtain an accurate estimation based on your individual circumstances.