Tax Calculator 2024/2025

Our tax calculator uses the Australian Taxation Office's official formulas to estimate your tax withholding. We've thoroughly tested it against sample data to ensure accuracy. That said, everyone's financial situation is unique. While we strive for precision, the calculator won’t capture every aspect of your personal circumstances, since it’s designed to be simple and quick to use. Also, due to rounding, you may notice small differences between its estimates and your actual withholding.

Think of this as a helpful guide rather than an exact prediction. If you need more detailed information tailored to your specific situation, our accountants are always happy to help.

Absolutely. We update our tax return calculator every financial year. It will always reflect the latest tax bracket thresholds, tax rates, superannuation guarantee rates, and other relevant details of Australian tax law.

This is a simple tax calculator designed to give you a general idea of your tax obligations. If your situation is more complex, we recommend contacting your nearest ITP branch to speak with one of our certified accountants. We offer free year-round tax advice to every customer. And we can help you lodge your tax return in office, over the phone, online, or even via email—whatever works for you.

There are many reasons why our calculator might show that you owe some tax. Maybe you have a side income that hasn't had tax taken out yet (included in the other income section), maybe your employer didn't withhold as much tax as was needed, maybe you've underestimated your deductions, or maybe you've missed a few deductions you could have included.

Keep in mind that this simple calculator is designed to give you a general idea only. A qualified tax accountant can help you find all your eligible deductions and tax credits—these could reduce or even eliminate your tax debt.

There are plenty of legitimate ways to maximise your refund. If you work from home, you can claim a portion of expenses like heating, cooling, and internet, plus depreciation on your office equipment. Studying to improve your work skills? Course fees and textbooks related to your current job may be tax-deductible.

You can also claim various costs directly related to earning your income, such as work travel and tools. Always keep receipts for these work-related expenses—the ATO accepts electronic copies, so it's easy to stay organised. And above all else, keep your claims accurate and honest. A tax professional can help ensure you're claiming everything you're entitled to while keeping your return fully compliant with tax laws.

You sure can. Simply add your estimated earnings for the year into the Taxable Income field. Then, in the PAYG Withheld field, add any instalments you’ve paid to the ATO. Fill out the other sections to match your circumstances, and you’ll get a general picture of what your tax return will look like.

Just keep in mind that this is a simple tax calculator that doesn’t account for tax credits, offsets, and other details that can make a big difference to your tax return. For more personalised assistance with your sole trader or company tax return, contact your nearest ITP branch and one of our accountants will be happy to help.