If you are wondering how much tax refund you can get at the end of financial year, why not use our free income tax calculator below.
Here is how you can use One Minute Tax’s free, easy-to-use, accurate income tax calculator to calculate the tax refund you could receive after tax deductions.
2. Liabilities & Deductions
Firstly, find out the gross income from your Mygov Income Statement. To view your Income Statement, you need to sign in to you Mygov account, then click “View my income statements”, enter the number showing on the income column into Your gross annual income before tax field from our tax return calculator, then copy the figure Under Tax column from Mygov into Your total tax withheld field.
Secondly, if you have reportable employer super contributions or fringe benefits in your income statement, put the amount into the respective fields on our tax return calculator.
Thirdly, calculate your other income. Other income may include but not limited to Centrelink income (such as Newstart Allowance, JobSeeper Payment, Parental Payment, Pension Payment), Bank interest, Dividend income, trust distribution income, ABN income, rental income.
Fourly, work out your total deduction. Your total work related deduction may include work related travel, laundry, self education, home office expense, mobile and internet work related usage, membership, subscriptions, donation, tax agent fee etc.
Lastly, confirm the total HELP/HECS debt balance if applicable and enter the amount into the last field.
If you are unsure about what deductions can be claimable, please don’t hesitate to contact our accountant at One Minute Tax.
Our free tax refund estimates calculator is updated every year in conjunction with the Australian Taxation Office’s Pay As You Go (PAYG) schedules. If you want to find out more about the ATO’s tax rates, please visit ATO website here.
Please be mindful that our tax calculations are only estimates. To lodge your tax return with us and we will maximize your tax deductions for free! Call 03 8899 7506 and let our tax accountants to help you get more tax refund than your estimation. You can also use our online appointment tool below to make an appointment with our tax accountants or start your tax return online now.
Remember, our free tax estimate calculator or any other ATO tax calculator or income tax calculator in Australia will only give you a rough estimate based on your input, but will not give you any tips of how to maximize your tax refund or reduce your tax liabilities. At the end, it’s the ATO’s job to collect revenue, not help you get a better refund.
Therefore, it is risky to rely on an simple tax calculator. The better solution here is to use the tax calculator to get an estimate figures, then jump on to our online tax return page to get your tax refund started with one of our friendly accountant, one of our accountant will call you to help you maximising your tax refund.
Note: If the estimated return is a minus figure, means that you owe tax to ATO. Don’t worry, contact our tax accountant now to see if we can help you to reduce your tax payable to ATO.