Understanding Your Income

  • It is important to understand your "after tax income" (i.e. your 'inflow')

  • For this step, I would recommend to use the ATO Tax Calculator App which allows you to input your income (over a chosen frequency), applies your chosen deductions and provides you with your income less tax 

  • Another option is MoneySmart's income tax calculator which takes into account other (beyond your salary) income you may be earning, but does not tailor deductions (hence may be less accurate for income than the ATO Tax Calculator)

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