Frequently Asked Questions
Find answers to common questions about Australian tax, loans, solar, and our free calculators.
💰 Income Tax Calculator
How much income tax will I pay in Australia?
Income tax in Australia ranges from 0% to 45% based on your taxable income. For 2024-25: $0-$18,200 (0%), $18,201-$45,000 (16%), $45,001-$135,000 (30%), $135,001-$190,000 (37%), $190,001+ (45%). You also pay a 2% Medicare levy.
What is the tax-free threshold?
The tax-free threshold is $18,200. If you earn less than this amount, you don't pay any income tax. Australian residents are entitled to this threshold.
How is HECS/HELP calculated?
HECS/HELP repayments start when your income exceeds $51,550 (2024-25). Rates range from 1% to 10% of your income, increasing progressively as income rises.
What is the Medicare levy?
The Medicare levy is 2% of your taxable income to fund Medicare. Low-income earners may get a reduction or exemption. High earners without private health insurance pay an additional surcharge (1-1.5%).
🏠 Mortgage Calculator
How do I calculate home loan repayments?
Home loan repayments depend on the loan amount, interest rate, and term. For example, a $500,000 loan at 6% over 30 years equals about $2,998/month. Use our calculator for exact figures.
Should I pay weekly, fortnightly, or monthly?
Paying fortnightly (26 payments/year) or weekly (52 payments) saves money because you make the equivalent of 13 monthly payments per year, reducing your loan faster.
How much can extra repayments save?
Extra repayments significantly reduce interest and loan term. Adding $200/month to a $500,000 loan at 6% can save over $70,000 in interest and cut 5 years off your term.
What's an offset account?
An offset account is linked to your mortgage. Its balance reduces the loan amount for interest calculations. $20,000 in offset on a $500,000 loan means you only pay interest on $480,000.
☀️ Solar ROI Calculator
How long until solar panels pay for themselves?
In Australia, solar panels typically pay back in 3-7 years depending on system size, electricity usage, feed-in tariff, and location. Systems in sunny states often pay back faster.
What is a feed-in tariff?
A feed-in tariff is the rate your energy retailer pays for excess solar power you export to the grid. Rates vary by retailer and state, typically 3-12 cents per kWh.
How much can I save with solar?
Average Australian households save $1,000-$2,500 annually with solar, depending on system size, energy usage patterns, and local electricity rates.
What government rebates are available?
The federal Small-scale Renewable Energy Scheme (SRES) provides STCs that reduce upfront costs. Some states offer additional rebates. Total savings can be $2,000-$4,000+.
⚖️ BMI Calculator
What is a healthy BMI?
A healthy BMI is between 18.5 and 24.9. Below 18.5 is underweight, 25-29.9 is overweight, and 30+ indicates obesity. However, BMI doesn't account for muscle mass or body composition.
How is BMI calculated?
BMI = weight (kg) ÷ height (m)². For imperial: BMI = [weight (lb) ÷ height (in)²] × 703. Our calculator handles both metric and imperial units.
Is BMI accurate for athletes?
BMI has limitations for muscular people. Athletes may have high BMI despite low body fat because BMI doesn't distinguish between muscle and fat mass.
📈 Crypto Profit Calculator
How is crypto taxed in Australia?
Cryptocurrency is treated as property for tax purposes. Selling, trading, or spending crypto triggers a Capital Gains Tax (CGT) event. Hold for 12+ months for 50% CGT discount.
Do I need to report crypto gains?
Yes, all crypto disposals must be reported to the ATO. This includes selling for AUD, trading for other crypto, and using crypto to pay for goods/services.
What records do I need for crypto tax?
Keep records of all purchases, sales, transfers, and the purpose of transactions. Record dates, amounts, AUD values, and wallet addresses for each transaction.
📊 Depreciation Calculator
What's the difference between Prime Cost and Diminishing Value?
Prime Cost depreciates assets equally over their effective life. Diminishing Value applies a higher rate to the remaining value, giving larger deductions early on.
What is the instant asset write-off?
Small businesses can immediately deduct the full cost of eligible assets under the instant asset write-off threshold. Rules and thresholds change annually - check ATO guidelines.
What assets can be depreciated?
Depreciating assets include equipment, vehicles, computers, furniture, and other items with a limited effective life. Land and buildings have different rules.
Still have questions?
Check out our detailed guides and blog posts, or try our calculators to get personalized results.