Calculate nett income after tax and Medicare for Australia 2021-2022 via Excel UDF

UtilityFunctions.bcf

Option Explicit

Function INCOMENETTAU(ByVal gross As Double, Optional monthly = False) As Double
    ' (AU) Return the nett income after tax and Medicare Levy for the given gross income, optionally for a single month
    
    Dim tax As Double
    Dim medicareLevy As Double
    Dim nett As Double

    medicareLevy = gross * 0.02
    
    Select Case gross
    Case Is >= 180001
        tax = 51667 + 0.45 * (gross - 180000)
    Case Is >= 120001
        tax = 29467 + 0.37 * (gross - 120000)
    Case Is >= 45001
        tax = 5092 + 0.325 * (gross - 45000)
    Case Is >= 18201
        tax = 0.19 * (gross - 18200)
    Case Else
        tax = 0
    End Select
    
    nett = gross - tax - medicareLevy
    
    If monthly Then
        INCOMENETTAU = nett / 12
    Else
        INCOMENETTAU = nett
    End If

End Function