2024 Income Tax Refund Calculator

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!

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How Do I Calculate My Tax Refund?

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
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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. 

How to Get
Your Tax Refund

#1

FILL IN THE FORM

Fill in the online form above or email your group certificate [PAYG summary] to info@mytaxrefundtoday.com.au

#2

WE CALL YOU BACK

A qualified tax accountant will call you and discuss your tax situation. They will then give you a FREE refund estimate. You then have the option to either wait two weeks or you can ask us for our 1-hour refund option.

#3

GET YOUR REFUND

View and approve your estimate online. Your tax return refund is then deposited automatically in your bank account once the ATO processes your return.

Don't Want to Wait 2 Weeks?

Use Our 1-Hour Refund Option!

CPA and TPA accreditations

Why Lodge Your Tax Return With Us?

Below are a few of the compelling reasons why you should consider using our tax agents to prepare your tax return:

  • Trusted by more than 58,000 clients.
  • Average Google rating of 4.7 with over 1,000 reviews.
  • Certified CPA practice
  • Free tax refund estimate before working with you.
  • Specialists with over 30 years’ combined experience to maximise your refund.
  • Instant tax refund and $0 upfront options
  • Easy online process

To learn more about our team of expert tax agents, click the button below. 

FAQs

The information we require to complete your tax return includes:

  • Personal details such as your name, date of birth, address, tax file number and contact number;
  • Tax information including the ABN of your employer, amount of tax withheld, allowances, gross salary and occupation; and
  • Other income such as bank interest, dividends, rental income, capital gains on sale of shares or property and Centre link income, among other things.

If you are missing some of your tax information, don’t worry. We may be able to obtain it from the ATO’s records. Just fill in your personal information in our FORM, and we will do the rest.

We aim to provide your tax refund estimate within one hour during business hours.

Your refund is issued by the ATO in approximately 10 working days in most of cases. However, if you use our 1-hour tax refund option, you can get your refund within 1 hour (up to $500) and receive the balance of your refund once it is released by the ATO (minus any applicable fees).

 

As we add you as our client in the ATO portal and pre-fill your tax information from the ATO portal to create an estimate, we cannot provide a free estimate without your details.

As our consultants will call you and to get a better understanding of your tax return, the estimate will be accurate. Refunds may change if your employer updates your income with the ATO.

To review our fees for all of our services, please refer to our Fees & Charges page.

Yes, we offer a $0 upfront option whereby we take our fee from your refund.

To use our $0 upfront option, simply select the option when completing the free refund estimate form.

Yes, we offer an instant tax refund option.

To begin, simply get your free refund estimate and select the 1-hour refund option.

You cannot claim the tax-free threshold from a second source of income in any one financial year. So people who have a second job may get refunded a lesser amount.

To get an idea of how much tax you might pay and how this works with multiple jobs, read our blog: How Much Do You Get Taxed on a Second Job?

  • The cost of purchasing a computer or laptop
  • Repairs to a computer or laptop
  • The costs of an internet connection
  • Phone bills
  • Union fees
  • Income protection insurance
  • Certain expenses associated with travelling for work.

Yes, you need receipts (or diary evidence or a log book, etc.) to prove you incurred the expense. An accountant will discuss this with you, as you may be able to claim expenses up to a certain limit without receipts.

To learn more about your possible no-receipt tax deductions, you can read our blog: What Can I Claim on Tax Without Receipts?

If you are an Australian resident for tax purposes, the first $18,200 of your yearly income is not taxed. This is called the tax-free threshold. By claiming the threshold, you reduce the amount of tax that is withheld from your pay during the year.

This results in higher upfront income tax but potentially larger year-end refunds.

To learn more, review our blog: What Happens if You Don’t Claim the Tax-Free Threshold?

If you want to change any of the figures in your tax return (for example income or deductions) then ATO allows you to do that within a certain time limit. Just contact us and we will help you run through the procedure.

You can only claim a tax deduction for gifts or donations to organisations that have the status of deductible gift recipients (DGRs). Thus you must check if the organisation has this status or not.

For the financial year, the last date for lodgement is October 31st of the year. For earlier years, your return may already be overdue. You should lodge your tax returns from earlier years as soon as possible to avoid penalties from the ATO.

Our tax experts will be happy to answer all your queries, including complex queries and returns for companies. Just fill in our online form and we will call you within an hour.

You can sign electronically in our online tax return system or send your authority via email. Once we receive your authority, you will get your same-day tax refund and your tax return will be lodged electronically to ATO.

 

Our service includes:

  • The preparation of your tax return by a qualified accountant to maximise your refund and ensure ATO compliance;
  • Lodgement of your tax return with the ATO on the same day;
  • A possible option of receiving a same-day refund of up to $1000 (with applicable fees);
  • A review of your tax return by a CPA qualified accountant;
  • Free simple tax advice throughout the year; and
  • A free tax refund estimate.

If this is the case, you need to declare your ABN income and expenses to the ATO. Once declared, you can complete a free refund estimate and one of our accountants will call you and discuss this.

For any questions relating to how your data is used and protected, please refer to our privacy policy.

 
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