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Calculate your tax refund

Use our tax calculator to get an estimate of the total tax due on your income.

If you need to know the total amount of tax you will be refunded, you can follow the instructions to request a free calculation of your refund.

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Frequently Asked Questions

In Australia, deductions refer to specific expenses that individuals and businesses can subtract from their assessable income to reduce their taxable income. These deductions are recognized by the Australian Taxation Office (ATO) as eligible expenses that can be claimed to lower the amount of tax owed. Here are some common types of deductions in Australia. You can click on the following link to learn more about the most popular deductions: Click Here

To determine the total income and expenses for an Australian Business Number (ABN) entity, you would typically follow these steps:

1. Gather income information: Collect all the relevant documents that reflect the income earned by your ABN entity. This may include sales records, invoices, bank statements, and any other sources of revenue. Ensure you have accurate and up-to-date records for a specific period, such as a financial year.

2. Categorise income: Categorise your income based on its nature. Common categories include sales revenue, service fees, rental income, interest earned, and any other relevant sources. This step helps you understand the different sources of income your ABN entity generates.

3. Summarise income: Total up the income from each category to calculate the total income for your ABN entity.

4. Gather expense information: Collect all the receipts, invoices, and records of expenses incurred by your ABN entity during the same period. Expenses may include rent, utilities, wages, advertising costs, raw materials, office supplies, professional fees, and any other costs related to running your business.

5. Categorise expenses: Categorise your expenses based on their nature. Create expense categories such as rent, utilities, salaries, marketing, supplies, and so on. This step helps you understand where your ABN entity is spending its money.

6. Summarise expenses: Total up the expenses from each category to calculate the total expenses for your ABN entity.

 

Need Help!

Please note that our tax calculations are estimates only. You can book an online appointment with us by clicking on the link below if you need assistance with your tax return.​​
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