I withdrew $49000 (no tax witheld) using the FHSSS to buy my first home this Financial year (24-25).
My income will be about $125000 this Financial year (24-25).
I also have a HECS debt.
Give it to me straight, how much will my income tax be approximately? :(
Hi @Matt1989
If only it was that simple!
There's a lot of factors that come into play when working out how much tax you'll be liable for at the end of the financial year. Not only just your FHSSS, and HECS debt that you've mentioned. But also, any deductions you need to claim, if you have private health insurance or not, if you have any income from investments/side hustles etc. Without these details we can't give you a dollar value of how much you'll need to pay.
The only way to know is by lodging your tax return. But make sure your income statement has been finalised by your employer first!! From here, you'll be able to use the pre-filled info plus add anything that was missed (usually deductions) and it'll work out how much tax will be owed or refunded to you.
Keep an eye out on our featured articles for more info about tax time, coming soon!!
6 Feb 2026 · 4 min read time
24 Aug 2025 · 3 min read time
15 Apr 2026 · 3 min read time
236 views
1 replies