Free 2024 Tax Refund Estimate

Simply enter your total income and the tax that has been withheld for a rough estimate. 

Note: This is a basic estimate. For a more accurate amount – or to get your tax refund today – get in touch with our expert  tax agents today!

Total Income

AUD$

Tax Withheld

AUD$

$000

Reset

Get Your Tax Refund Now!

Bookkeeping Services In Australia

How Does the Tax Refund Estimator Work?

By using your income data and the amount of tax withheld over the past financial year, we can roughly calculate tax return amounts. However, this does not account for deductions that our tax experts may find to increase your tax refund. 

Legally, employers need to provide their employees with their income information. The amounts required for the calculation should be visible on your payslip. 

The tax return calculator also takes into account the rate of income tax you will need to pay

To calculate the amount due, we simply subtract the total income tax from the tax withheld for the given financial year. Simply put, if the tax withheld is greater than your total income tax, you should be due a tax refund. 

Tax Return
Calculator Terminology

  • Total income
    This refers to the gross income you receive from all sources. For example, if you have a salary as well as income from dividends, both will be accounted for in your total income. 
  • Tax Withheld
    Most of the time, tax is automatically deducted by your employer or the source of your income. This is the tax that has been withheld and has already been paid to the government. The benefit of this is that it reduces the amount of tax due at the end of the year. 
  • Tax Payable
    This is the amount that the taxpayer needs to pay, and is based on your total income and the tax withheld. To calculate the tax payable, simply multiply taxable income by the tax rate that applies in your bracket. 

What Else May Affect Your Estimated Tax Refund?

Filing Status
This refers to whether you file as single, married but filing separately, or married and filing jointly and affects how much tax you pay based on the different tax brackets as well as whether there are any reliefs available. 

Tax credits
These reduce your tax liability and can be received on your last tax bill. Conditions where you may receive a tax credit include when you enrol in a government insurance plan, if you are paying for post-secondary education, and childcare expenses.

Tax Refund in Australia
My Tax Refund Today Testimonials

How to Maximise Your Tax Refund

The most effective way to get the most out of your tax return is to claim tax deductions. 

Common deductions include:

  • Work-related expenses 
  • Work-from-home expenses
  • Charitable donations over $2

However, it is worth noting that not all donations or gifts can be deducted from your tax liability. For example, raffle tickets, items, or food cannot be claimed as you receive a benefit from the donation. 

Although you should claim all the expenses you can, not all expenses are claimable. Our team of expert tax agents work hard to ensure that you are receiving every deduction possible to lower your tax liability and maximise your tax refund. 

Tax Return Calculator Disclaimer

The calculator is only as accurate as the input data and does not take into account any deductions, tax rebates, or offsets. To get a more accurate estimate, get in touch with one of our expert tax agents today. 

Don't Want to Wait 2 Weeks?

Use Our 1 Hour Refund Option!

Want More Tax Return Tips?

We regularly create helpful tax return resources that you can use to boost your tax knowledge and save money. 

Google Rating
4.7
Based on 1068 reviews
×
js_loader