Planning for Profit Calculator

Set your profit target — then see exactly how many jobs you need to do, and how much revenue you need to make each month to hit it.

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Plug your numbers into the light gray boxes. Everything else will be done for your automatically.

Fill out the fields in light grey. All fields with * are mandatory.

Enter the amount of Net Profit you'd like to make in a year. Think big. Most people add at least 10% to their previous year's Profit. Another way to get this number is to think about what the life you want looks like, and then work backwards from there. e.g. New boat or a new house, how much Profit would you need to make to do that?
Enter your Yearly Fixed Costs here, INCLUDING YOUR SALARY. You can find your Yearly Fixed Costs in your Profit and Loss Statement.
Enter the Gross Margin you're targeting on your jobs. Depending on the type of work you do and the industry you're in, it should be between 25% - 50%.
Note: Just put the number in without the % sign.
To find this number, divide your Total Sales in a month by the number of number of jobs completed in a month. It's okay to make a rough estimate though.
To find out your job conversion rate, divide the number of jobs you win in a month by the number of jobs you send a quote/bid for in a month, then multiply by 100.
Note: Just put the number in without the % sign.

To Reach Your Desired Yearly Net Profit, You Need to…

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Your Yearly Gross Profit is calculated by adding together your Desired Yearly Profit and Yearly Fixed Costs.
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This is calculated by dividing your Yearly Gross Profit by your Target Gross Margin.
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This is calculated by dividing your Required Yearly Sales by 12 months. It tells you how much revenue in monthly sales you need to reach your Desired Yearly Profit.
This is calculated by dividing your Required Monthly Sales by your Average Sale Value.
This is calculated by dividing the Number of Jobs You Need to Complete Each Month by your Conversion Rate.

Frequently asked questions

    What is the difference between my gross income and my taxable income?

    Your gross income is every dollar your business brings in before any costs. Your taxable income is what is left after you subtract your allowable business deductions (like equipment, travel, and marketing). You only pay tax on the profit, not the total sales.

    Do I pay a different tax rate on my “side hustle” income?

    No. In Australia, your business income is simply added to any other income you earned (like a TFN salary or bank interest). The total amount determines your tax bracket. However, because your employer has already taken tax out of your salary, your business income often feels like it’s being taxed “more” because it pushes you higher into the progressive tax brackets.

    What are the resident tax rates for the 2025-26 financial year?

    The 2024-25 “Stage 3” tax cuts remain in effect for the 2025-26 year. Here are the current thresholds (note these do not include the 2% Medicare Levy).

    Why is my ATO estimate different from my actual earnings?

    The ATO estimates your tax based on your previous year’s performance. If your business has grown significantly or if you’ve taken on more expenses, their estimate will be off. This is why using a real-time tracker like Sole is vital—it shows you what you owe based on today’s numbers, not last year’s.

    Is it really better to overestimate my taxes?

    Yes. As a peer-to-peer tip: it is much easier to manage a surprise refund than a surprise debt. By setting aside tax based on your gross income (before deductions), you create a “forced savings” buffer that protects your business cash flow during leaner months.