This includes the 2% Medicare Levy.
This does NOT include any other Tax Offsets, government payments or debts, such as:
Medicare Levy Surcharge
Temporary Budget Repair levy
Working Holiday Maker/Foreign Tax Obligations
Superannuation Lump Sum Withdrawals
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*The 2023-2024 calculations are based forecasted 2024 budget predictions.
Using Our Tax Calculator
Each pay you receive should also come with a payslip. If your income is fairly static you can work out how much you will earn for the year by taking your year to date position and expanding this out over the year.
For example if you have earned $40,000 to 28th of Feb, you can divide this by 8 months to work out your monthly earnings and times this by 12 months to capture the full year.
$40,000 / 8 months x 12 months = $60,000.
In this example you would enter $60,000 into the income field on the Tax Calculator.
In the same way as the income in the above example, your tax withheld is found on your payslip. You can take your tax withheld and expand this out to capture the full year for entering into the tax calculator.
For example if you have had $8,000 tax withheld to 28th of Feb, you can divide this by 8 months to work out your monthly earnings and times this by 12 months to capture the full year.
$8,000 / 8 months x 12 months = $12,000.
In this example you would enter $12,000 into the income field on the Tax Calculator.
At this point due to the dynamic nature of the Tax Calculator it will show an estimated tax refund of $833.
For something to be an individual tax deduction, and recognised as an ATO deduction, it has to meet 3 criteria outlined by the taxation department. These criteria include:
- It has to be a work-related expense
- You need to have spent money on it yourself, and not be reimbursed
- You need to have proof
Add your tax deductions year to date into the tax calculator, then estimate out how much you intend to spend over the remainder of the financial year until June 30. You may have the following deductions;
- Work related uniform expenditure $150
- Driving to pick up supplies for work 500km x $0.72 = $360
- One Click Life for tax return $99
- Mobile phone usage 25% of bills $80 per month x 25% = $240
Total Deductions: $849
In this example you would enter in $849 in the Deductible Expenses field in the tax calculator.
You should see your tax refund calculator in this example dynamically change to $1,126
A tax refund calculator can assist you keeping on top of your tax estimate for the financial year. By using a dynamic taxes calculator you can update the details constantly to ensure you know how to plan your taxes and your expenditure around tax time. A lot of people use a taxes calculator to maintain their taxes during the financial year.