Tax Refund Calculators
Use our calculator to get a basic tax refund estimate for your current financial year.
How Does Tax Refund Calculator Work?
A tax refund calculator is a handy tool that helps individuals preliminary tax refund estimate with their income tax obligation or possible tax refund from the tax you paid to Australian government. It calculates based on a set of predefined algorithms and rules derived from applicable tax laws and regulations by ATO.
By complying the numbers, the calculator can generate an estimate of the tax obligation either tax liability or refund.
Please note, it’s important that tax refund calculators provide estimates only and should not replace as an expert tax accountant advice.
Tax Refund
Calculator Terminology
- Filing Tax Return:
This refers your official tax lodgement status, such as single, married lodge jointly, married lodge separately, or head of household. Your lodgement status may impact your tax rates, liabilities and the deductions you’re eligible.
- Taxable Income:
It is your total income that is calculating your tax liabilities after applying all deductions and exemptions.
- Deductions:
These are your income related expenses or allowances that you can subtract from your taxable income to reduce your tax liability. Other common deductions include student loan interest, mortgage interest, state and local taxes, and charitable contributions or donations.
What Elements Might Effect Your Tax Refund ?
Taxable Income:
Changes in income levels, such as capital gains, bonuses, or any dividend distributions, crypto currency income may impact your taxable income and consequently effect your tax refund.
Taxable Deductions:
Specific deductions such as education expenses, dependent care expenses or medical expenses may change your tax obligation and possible effect your tax refund outcomes.
How Does Maximise
Your Tax Refund
The most effective way to get your maximum tax refund is to claim tax deductions.
Most common deductions include:
- Work-related expenses
- Work-from-home expenses
- Charitable donations more than $2 to approved organisation.
- you should claim all the expenses you incurred, but not all expenses are claimable. Our team of expert tax accountants work to ensure that you are receiving every deduction that impact to lower your tax liability and maximise your tax refund.
Tax Refund Calculator Disclaimer
The tax refund calculator is only based on input data and does not take into account any deductions, tax rebates, or offsets. To get an accurate estimate, please get in touch with one of our expert tax accountants.
