uat Calculator Admin

<calculator>
 <vos>
 <common>
 <ShowStampDutyAssumption value="true" />
 <AssumptionText type="cdata"><![CDATA[Calculator InformationThe Income Tax Calculator calculates the net income based on the tax rate tables obtained from the Australian Tax Office website. The Income Tax Calculator is based only on the published tax tables and the user input of whether or not to include a 2% Medicare Levy. Various offsets to taxation payable and variations to the level of the Medicare Levy (a surcharge), amongst many other aspects of the taxation calculation, are not included in the calculations.The calculations do not include the Medicare Levy Surcharge (1%-1.5%), an additional levy on individuals and families with higher incomes who do not have appropriate levels of private health insurance.The rates are for Australian residents.One year is assumed to contain 52 weeks.The Medicare levy in this calculator is based on individual rates and does not take into account family income or dependent children or Private Health Insurance.These calculations do not take into account any tax rebates or tax offsets you may be entitled to.The amount calculated by this tool is an estimate only. The exact amounts of your entitlement can only be calculated upon lodgement of your income tax return.]]></AssumptionText>
 <Footer type="cdata"><![CDATA[
Note: The results from this calculator should be used as an indication only. This calculator returns the tax payable on a given annual income. Users should note that the tax payable by individuals is a complex calculation which involves many inputs in addition to the level of annual income. These include investment income which may be earned by the taxpayer and tax deductible expenses which may be incurred by the taxpayer amongst others. Users of the calculator are advised to seek the advice of a tax agent when determining their annual tax liability. Results are based on information you have provided and do not take your personal circumstances into account. This calculator is not intended to be relied on for the purposes of making a decision in relation to a financial product. You should consider obtaining advice from a financial services licensee before making any financial decisions. Calculator © InfoChoice 2024.
 ]]></Footer>
 </common>
 <incomeTax>
 <AnnualIncome type="num" default="30000" min="0" max="2000000" step="1000" />
 <CurrentTaxYear type="num" default="2024" />
 <TaxBracketsDefault type="list">18200,45000,135000,190000</TaxBracketsDefault>
 <TaxPercentagesDefault type="list">0,16,30,37,45</TaxPercentagesDefault>
 <LastYearTaxBracketsDefault type="list">18200,45000,120000,180000</LastYearTaxBracketsDefault>
 <LastYearTaxPercentagesDefault type="list">0,19,32.5,37,45</LastYearTaxPercentagesDefault>
 <MedicareLevySurchargeText type="cdata"><![CDATA[Medicare Levy SurchargeThe Medicare Levy Surcharge (or ‘MLS’) is an additional tax that applies to Australians taxpayers who earn above $90,000 for singles and over $180,000 for families, and don’t have private hospital cover. MLS is income-tested and is levied at between 1% to 1.5% of your income. The Medicare Levy Surcharge comes on top of the 2% Medicare Levy most Australian taxpayers pay. This calculator assumes a MLS of 1%. Your actual MLS, if payable, will depend on your income. For information about the latest rates and thresholds, visit the <a href="https://www.ato.gov.au/Individuals/Medicare-levy/Medicare-levy-surcharge/" target="_blank">ATO’s website</a>. Tick this option if you would like to include the MLS in your calculation. &nbsp;]]></MedicareLevySurchargeText>
 <MedicareLevyText type="cdata"><![CDATA[Medicare LevyMost taxpayers pay a levy of 2% to fund Medicare. Untick this option if you do not want the levy included in your calculation.The Medicare levy in this calculator is calculated as 2% of taxable income and does not take into account family income or dependent children, thresholds, exemptions or reductions.For many tax payers the levy is not payable if your taxable income is $22,398 or less (seniors have a higher threshold). You may qualify for an exemption if you are a foreign resident, are not eligible for Medicare benefits or fit one of the other exemption categories.This is not accounted for in the InfoChoice Income Tax Calculator.Rates and thresholds correct for 2024-25. For more information visit the <a href="https://www.ato.gov.au/rates/individual-income-tax-rates/" target="_blank">ATO’s website</a>. &nbsp; ]]></MedicareLevyText>
 <MedicareLevySurchargeModalText type="cdata"><![CDATA[Medicare Levy SurchargeThe Medicare Levy Surcharge (or ‘MLS’) is an additional tax that applies to Australians taxpayers who earn above $90,000 for singles and over $180,000 for families, and don’t have private hospital cover. MLS is income-tested and is levied at between 1% to 1.5% of your income. The Medicare Levy Surcharge comes on top of the 2% Medicare Levy most Australian taxpayers pay. 
 This calculator assumes a MLS of 1%. Your actual MLS, if payable, will depend on your income. For information about the latest rates and thresholds, visit the <a href="https://www.ato.gov.au/rates/individual-income-tax-rates/" target="_blank">ATO’s website</a>. Tick this option if you would like to include the MLS in your calculation. &nbsp;]]></MedicareLevySurchargeModalText>
 <MedicareLevyModalText11 type="cdata"><![CDATA[Medicare LevyMost taxpayers pay a levy of 2% to fund Medicare. Untick this option if you do not want the levy included in your calculation.The Medicare levy in this calculator is calculated as 2% of taxable income and does not take into account family income or dependent children, thresholds, exemptions or reductions.For many tax payers the levy is not payable if your taxable income is $22,398 or less (seniors have a higher threshold). You may qualify for an exemption if you are a foreign resident, are not eligible for Medicare benefits or fit one of the other exemption categories.This is not accounted for in the InfoChoice Income Tax Calculator.Rates and thresholds correct for 2022-23. For more information visit the <a href="https://www.ato.gov.au/rates/individual-income-tax-rates/" target="_blank">ATO’s website</a>. &nbsp; ]]></MedicareLevyModalText11>
 <MedicareLevyModalText type="cdata"><![CDATA[Medicare LevyMost taxpayers pay a levy of 2% to fund Medicare. Untick this option if you do not want the levy included in your calculation.The Medicare levy in this calculator is calculated as 2% of taxable income and does not take into account family income or dependent children, thresholds, exemptions or reductions.For many tax payers the levy is not payable if your taxable income is $23,226 or less (seniors have a higher threshold). You may qualify for an exemption if you are a foreign resident, are not eligible for Medicare benefits or fit one of the other exemption categories.This is not accounted for in the InfoChoice Income Tax Calculator.You may qualify for a reduction or exemption; however, this is not accounted for in the InfoChoice Income Tax Calculator.Rates and thresholds correct for 2024-25. For more information visit the <a href="https://www.ato.gov.au/rates/individual-income-tax-rates/" target="_blank">ATO’s website</a>. &nbsp; ]]></MedicareLevyModalText>
 <TemporaryBudgetRepairLevyModalText type="cdata"><![CDATA[Temporary Budget Repair LevyAs part of the 2014-15 Federal budget the Government introduced a Temporary Budget Repair Levy of 2%. Individual taxpayers with a taxable income of more than $180,000 per year will have additional tax withheld by their employer, starting from 1 July 2014. The levy is payable at a rate of two per cent of each dollar of a taxpayer’s taxable income over $180,000. The levy will cease to apply from 1 July 2017. Rates and thresholds correct from 2018-19. For more information visit the <a href="https://www.ato.gov.au/rates/individual-income-tax-rates/" target="_blank">ATO’s website</a> &nbsp;]]></TemporaryBudgetRepairLevyModalText>
 <FloodLevyText type="cdata"><![CDATA[Flood LevyThe flood levy is payable if your taxable income is over $50,000 in the 2011-12 financial year. Individuals affected by specific natural disasters will not have to pay the levy. Untick this option if you do not want the levy included in your calculation (the levy will only be calculated if your taxable income is over $50,000). Refer to the <a href="http://www.ato.gov.au/individuals/content.aspx?menuid=0&doc=/content/00216565.htm&page=3#P15_1274" target="_blank">ATO’s website</a> for a description of the exemption categories.]]></FloodLevyText>
 <HeaderTitle type="cdata"><![CDATA[Compare income tax for years 2024/25 and 2023/24]]></HeaderTitle>
 </incomeTax>
 </vos>
</calculator>

uat Calculator Admin

Global Settings > Income Tax Global Settings