Convert your daily rate to annual income (Gross, Net & Super)
$
(Account for public holidays, sick leave, and annual leave)
Annual Gross Income:$0.00
Superannuation (11.5%):$0.00
Estimated Tax (2024-25):$0.00
Medicare Levy (2%):$0.00
Net Annual Income (Post-Tax):$0.00
Equivalent Full-Time Salary Package:$0.00
*Calculations use ATO resident tax rates for 2024-2025. Does not include GST calculations.
function calculateAustRate() {
// 1. Get Inputs
var dailyRateInput = document.getElementById("drc_daily_rate");
var daysInput = document.getElementById("drc_days_per_week");
var weeksInput = document.getElementById("drc_weeks_per_year");
var dailyRate = parseFloat(dailyRateInput.value);
var daysPerWeek = parseFloat(daysInput.value);
var weeksPerYear = parseFloat(weeksInput.value);
// Validation
if (isNaN(dailyRate) || dailyRate <= 0) {
alert("Please enter a valid daily rate.");
return;
}
if (isNaN(daysPerWeek) || daysPerWeek 7) {
alert("Please enter valid days per week (1-7).");
return;
}
if (isNaN(weeksPerYear) || weeksPerYear 52) {
alert("Please enter valid weeks per year (1-52).");
return;
}
// 2. Calculate Gross
var annualGross = dailyRate * daysPerWeek * weeksPerYear;
// 3. Calculate Superannuation (FY24/25 rate is 11.5%)
var superRate = 0.115;
var superAmount = annualGross * superRate;
// 4. Calculate Tax (ATO Resident Tax Rates 2024-25 – Stage 3 Cuts Applied)
// Brackets:
// 0 – 18,200: 0%
// 18,201 – 45,000: 16%
// 45,001 – 135,000: 30%
// 135,001 – 190,000: 37%
// 190,001+: 45%
var tax = 0;
if (annualGross > 18200) {
if (annualGross <= 45000) {
tax = (annualGross – 18200) * 0.16;
} else if (annualGross <= 135000) {
tax = 4288 + (annualGross – 45000) * 0.30;
} else if (annualGross 26000) { // Rough threshold for full medicare, simplified for standard contractor rates
medicare = annualGross * 0.02;
}
// 6. Net Income
var netIncome = annualGross – tax – medicare;
// 7. Total Package Value (Gross + Super)
var totalPackage = annualGross + superAmount;
// 8. Display Results
document.getElementById("res_gross").innerText = formatMoney(annualGross);
document.getElementById("res_super").innerText = formatMoney(superAmount);
document.getElementById("res_tax").innerText = formatMoney(tax);
document.getElementById("res_medicare").innerText = formatMoney(medicare);
document.getElementById("res_net").innerText = formatMoney(netIncome);
document.getElementById("res_package").innerText = formatMoney(totalPackage);
document.getElementById("drc_results").style.display = "block";
}
function formatMoney(amount) {
return "$" + amount.toFixed(2).replace(/\d(?=(\d{3})+\.)/g, '$&,');
}
Understanding Your Contractor Daily Rate in Australia
Contracting in Australia offers significant financial flexibility compared to permanent employment. However, calculating your true take-home pay requires understanding the difference between a daily rate and an annual salary. Unlike permanent employees who receive paid annual leave, sick leave, and public holidays, contractors are paid only for the days they work.
How to Calculate an Equivalent Salary
When converting a daily rate to an annual salary, simply multiplying by 260 (5 days x 52 weeks) is misleading. To get an accurate figure, you must account for non-billable days. A standard Australian working year for a contractor typically consists of:
52 Weeks Total
Minus 4 Weeks for Annual Leave (unpaid for contractors)
Minus 2 Weeks for Public Holidays (approx. 10-11 days)
Minus 1-2 Weeks for Sick Leave or Bench Time
Therefore, most professional contractors calculate their annual gross income based on 46 to 48 working weeks per year.
Superannuation and GST
In Australia, your daily rate is typically quoted "exclusive of Superannuation and GST".
Superannuation: As of the 2024-2025 financial year, the Superannuation Guarantee (SG) rate is 11.5%. If you are a PAYG contractor via a recruitment agency, they will deduct tax and pay super on your behalf. If you operate via your own PTY LTD structure, you are responsible for paying your own super.
GST: If you are registered for GST (mandatory if turnover exceeds $75,000), you charge 10% on top of your daily rate. This is not income; it is collected and remitted to the ATO.
Tax Rates for 2024-2025 (Stage 3 Tax Cuts)
The Australian Government implemented Stage 3 tax cuts starting 1 July 2024. These changes adjusted the tax brackets, reducing the tax burden for many middle and high-income earners. This calculator utilizes the updated brackets to estimate your PAYG tax withholding and Medicare levy obligations.