If my income in Australia is $201,600 per year, how much will I pay in tax in 2023?
According to the **Australian Taxation Office** the 2022-23 residential income tax is calculated as follows:

# Resident tax rates 2022–23

| Taxable income      | Tax on this income                              |
| ------------------- | ----------------------------------------------- |
| 0 – $18,200         | Nil                                             |
| $18,201 – $45,000   | 19 cents for each $1 over $18,200               |
| $45,001 – $120,000  | $5,092 plus 32.5 cents for each $1 over $45,000 |
| $120,001 – $180,000 | $29,467 plus 37 cents for each $1 over $120,000 |
| $180,001 and over   | $51,667 plus 45 cents for each $1 over $180,000 |

## Calculate your tax

Assuming all of it is taxable income, $201,600 per year falls into the final bracket. We can calculate the tax as:

`$51,667 + ($201,600 -  $180,000) × $0.45`

## = $61, 387

Keep in mind these rates only apply to individuals who are Australian residents for tax purposes. Also note that the above rates **do not** include the Medicare levy of **2%**.
What are some common deductions I may qualify for in Australia, and approximately how much money will that save me?