Zakat Calculator

1. Zakat on Pure Gold and Gold Jewellery

Zakat should be calculated at 2.5% of the market value as on the date of valuation (In our case we consider 1st of Ramadan).

As of Friday 14th April 2023, The Price of Gold per gram is AUD$96.58

2. Zakat on Silver

Zakat is to be paid on Silver in Pure form or Silver Jewellery at 2.5% of the prevailing market rates.

As of Friday 14th April 2023, The Price of Silver per gram is AUD$1.23

3. Zakat on Cash and Bank Balances

Zakat should be paid at 2.5% on all cash balance and bank balances in your savings accounts. The amount technically should be in the bank for one year.

4. Zakat on Loans Given and Shares

Zakat is payable by you on loans you have given to your friends and relatives. It should be treated as Cash in Hand. You may deduct Loans Payable by you to arrive at the nett present value of your wealth.

Zakat is payable on the value of shares you have.

5. Zakat on Investment Property

Zakat is NOT payable on personal residential property even if you have more than one. Also Zakat is NOT applicable on the net value of your investment Properties. However Zakat is payable on the rental income derived from any investment property.

If your intention is to sell your investment property at a future date for a profit, then Zakat is payable on the Net Sale Value. Also, if your intention changes in the current year (i.e. from rental income investment, to sell for a profit) then you need to pay Zakat on that Net Property Value.

6. Zakat on Business

This is for Self Employed People only. No matter what business you are into, you've got to pay Zakat on all NET STOCK-IN-TRADE.

7. Liabilities Deductions

If you have taken any loans from any person or relative, and you have not already deducted this amount from any of the above sections, then you can deduct your Payables below.