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TAX VIRGINS
Unless you know ALL of your tax deductions for the year, the refund calculated will only be a guide. Generally it will be a worst case scenario as more tax deductions will create a greater refund.
You can easily get a rough estimate of your tax refund this year. The estimate of your tax return refund can assist in your forward planning and your personal cashflow planning. GoTax provides a base level Tax Calculator to facilitate this. By using the Gotax Refund Calculator you get an idea of whether to undertake your online tax return now or leave it until the need exists.
To get started with your Tax Estimate you only need three figures:
Your income for the year:
As this is only an estimate of your Tax Refund it really doesn't matter if you don't have the exact figure to estimate. Close enough is good enough. If you need to be precise then you would need to proceed through the GoTax website and undertake your online tax return.
The Tax Withheld for the year:
This should appear on your last payslip you receive from your employer or ask your employer.
Deductions:
Unless you're a tax agent there is probably no way you're going to get this one. So rough is good. Simply estimate the amount of deductions you think you're going to claim and off you go.
Refund:
Once you enter those three amounts your estimated refund will automatically appear. Now remember, this is a rough guide to your tax refund. And take a note that it does not take into account any of HECS/HELP repayments, Health rebates, Surcharges, SAPTO, Lump sum offsets, Super offsets; though these are infrequently applied against most taxpayers.
Window Shoppers
Seems to be a few out there! Going from site to site looking at which calculator gives you the best tax refund is pretty much useless. If you're one of those then here's a BIG TAX ALERT just for you. If you put the same information in all of them, they should all give you the same answer. Tax calculators DON'T determine which site gives you the greatest Tax Refund. The grand poo bah of all tax calculators is the one at the Tax Office - that one has the final say.
Fact, it's actually the TAX DEDUCTIONS you're entitled to that give you the greatest tax refund. So if you're looking to maximise your tax deductions then you'll be on the money by using the Gotax system. Be sure to look at our blogs and our Video blogs to get a greater understanding of the way the tax system works. Greater awareness also leads to greater tax deductions.
Tax Calculator, Tax Calculator, Tax Calculator, It's not the be all and end all in working out whether you have a refund or not.