Australian Tax Calculator 2012/13

TheTaxCalculator.com.au is a simple resource to calculate how much tax refund you will receive or how much tax you’ll have to pay this year.

It’s great to get an estimate of your tax refund before your tax return so you can plan how you’re going spend it (book a holiday now and pay with your tax refund, for example). Once you’ve calculated a quick estimate, just get your tax return done ASAP and enjoy.

Also, if you have tax to pay, getting an estimate can help you budget for it (not such a nasty surprise).

TheTaxCalculator.com.au can also be used to help you do some low level tax planning. By simply changing your taxable income you can see the difference additional tax deductions will make to your tax refund or tax bill. You could prepay some work or investment related expenses prior to 30 June and use thetaxcalculator.com.au to see how much tax you’ll save.

Taxable Income: $
Tax Withheld: $
Income Tax Amount: $
Medicare Levy: $
Low Income Tax Offset: $
Total Tax Amount: $
Tax Payable: $
or
Tax Refund: $

TheTaxCalculator.com.au should be used as an estimate only and does not account for HECS-HELP debts or low income phasing of the Medicare Levy. If you have a HECS-HELP debt you can check out repayment rates at our sister site HECSHELPrefund.com.au.

 
Want a bigger tax refund with less hassle?

Using a professional tax accountant will save you time, tax and tedium! Get solid tax advice and don’t rely on friends of friends or Google to give you the whole picture. A little bit of knowledge is a dangerous thing.

If you’re looking to get the biggest tax refund with the least amount of hassle, be sure to take the time to find a great tax accountant.

 
Some simple tax planning ideas to save tax

  • Salary sacrifice into superannuation
  • Move or purchase investments in a company or trust
  • Obtain a property depreciation report for your rental property
  • Keep a motor vehicle log book if you use your car for work or business
  • Prepay interest for up to 12 months in advance
  • Prepay other work or investment expenses up to 12 months in advance (subscriptions etc)
  • Realise capital losses to offset capital gains

Warning: Don’t get caught out buying something simply to get a tax deduction for it. Assuming your tax rate is 32.5%, you will only get 32.5% of what you spend back as a tax refund (or reduction in tax payable) from a tax deductible item. You DON’T get 100% back.

But if you do need something for your business, investment or work, buy it BEFORE 30 June so that you can claim the tax deduction this year.

For more specific ideas that will suit your needs, speak to your local Registered Tax Agent or Chartered Accountant.

 
Want extra time to lodge your return?

If you have tax to pay, using a professional tax accountant will allow you to pay your tax bill much later than if you were to prepare your tax return yourself.  If you don’t use a professional tax accountant you individual tax return will be due 31 Oct. If you do use a professional tax accountant your return can potential be deferred up until 15 May of the following year.

Are you starting a business or purchasing a new investment (property or shares etc)?

Starting a new business or investment is a big step, talking to a professional accountant prior to starting can save you thousands of dollars in tax down the track and help you to maximise and protect your wealth.

 

Disclaimer:
Please note income tax law in Australia is very complex and is constantly being changed and updated. This calculator is for informational purposes only and should not be taken as tax advice. This calculator does not take into account your own individual circumstances. Don’t use thetaxcalculator.com.au to prepare your tax return and please consult your tax accountant prior to making any tax related decisions.