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In the 2020–21 financial year, a $120,000 salary was $88,313 a year after income tax and the Medicare levy — about $7,359 a month or $1,698 a week for an Australian resident.
In 2026–27, $120,000 takes home about $91,080 a year — $2,767 more than in 2020–21, reflecting the Stage 3 tax cuts and the end of the LMITO.
$120,000 after tax today →How the tax brackets changed by year →
In the 2020–21 financial year, a $120,000 salary left about $88,313 a year after income tax and the Medicare levy (an Australian resident claiming the tax-free threshold) — roughly $7,359 a month, $3,397 a fortnight or $1,698 a week.
On $120,000 in 2020–21 you paid about $29,287 in income tax (after offsets) plus $2,400 Medicare levy — $31,687 in total.
Yes. In 2020–21 the LMITO reduced your tax by about $180 at this income. The LMITO ended after the 2021-22 year, which is why take-home pay on the same salary fell in 2022-23.
In the current 2026–27 financial year, $120,000 takes home about $91,080 a year. See the current $120,000 after tax page for the live breakdown.
See how take-home pay on $120,000 changed across recent financial years.
ATO rates checked against official sources — verified 3 July 2026
Estimates only. Not financial or tax advice. Full disclaimer for your rights and our limitations of liability.
Rates and thresholds last updated for the 2026–27 financial year.