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Tax refund calculator

Smarter Tax Calculator for Aussies

Estimate your FY’24-’25 tax return projections in just one click. The easy-to-use income tax calculator allows you to avoid guesswork, giving you a clearer picture of your potential refund in line with the latest ATO regulations. You can optionally book a call with our partner Accountants Direct should you require professional help.

Tax Calculator (2023-2024 Financial Year)

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Calculations

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Why estimating your tax matters?

For small business owners, freelancers, and sole traders, estimating taxes in advance plays a crucial role in financial planning. With a clear understanding of your tax obligations, you can manage cash flow effectively and ensure smooth business operations. Identifying eligible deductions that reduce your taxable income, applying offsets like the Medicare Levy to lower your tax payable, and factoring in potential refunds all contribute to a more accurate tax estimate. Most importantly, staying ATO-compliant reduces the risk of penalties or underpayment issues, keeping your finances in check.

Step-by-Step Tax Calculation Process

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As the first step, enter your gross income, including any kinds of commissions, stipends, or bonuses. This forms the base of the tax calculation.
02
Next, enter the amount of tax withheld by your employer (payer), which has been directly sent to the ATO throughout the year.
03
In this step, select the applicable deductions and offsets, including outstanding HELP/HECS repayments, Medicare Levy, private health insurance, and charitable donations.
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Then, choose related deductions, and our calculator will instantly process your tax payable or refunds by factoring in the ATO's latest tax thresholds.

Why a Tax Calculator?

Using an income tax calculator makes financial planning and tax estimates effortless. It helps you:
Understand tax deductions for individuals, sole traders, and small businesses.
Calculate tax liabilities by considering HECS/HELP repayments, Medicare levies, private health insurance, and employee contributions.
Plan your future finances by gaining an understanding of the ATO's latest rules, available deductions, and tax brackets.
Small business startup guides and resources for Australian entrepreneurs from Sole accounting software sole trader working on phone

Tax sucks…but it doesn’t have to!

Sole app logo icon symbolising Australian accounting and bookkeeping software for small businesses
Our partner, Accountants Direct, makes tax time easy—expert advice, top rates, and zero stress, all tailored for small businesses, sole traders, and individuals. Connect with a tax expert for tax estimates or personalised guidance on tax returns.

Disclosure

* This calculator aligns with the latest ATO schedules; however, the results are only estimates based on the information you provide. We cannot guarantee their accuracy. For a precise tax return calculation, we recommend speaking with our experts. They’ll assist you and share your final tax summary after your appointment. Click here to book your session.

Notes

[1] The gross annual income before tax is the one you receive from your employer including any kind of commissions, bonuses or stipends.

[2] Tax withheld refers to the amount deducted from your wages. The deducted amount gets directly credited to your ATO. Get the accurate withheld amount from your employer or check your salary slip.

[3] Medicare levy is 2% of your taxable income, in addition to the tax you pay on your taxable income. You may qualify for an exemption from paying the Medicare levy if you meet certain medical requirements, are a foreign resident, or you are not entitled to Medicare benefits. Most Australian taxpayers will need to tick this. The Medicare levy in this calculator is based on individual rates and does not consider family income or dependent children. The calculations do not include the Medicare Levy Surcharge (1%-1.5%), an additional levy on individuals and families with higher incomes who do not have private health insurance.

[4] Other income and your estimate of deductions that are allowable for work related expenses. These usually reduce your taxable income and tax payable. (We can assist with this)

These calculations may not consider any salary sacrifices, tax rebates or tax offsets you may be entitled to.

Insights on Tax Deductions

Knowing how tax deductions work can help you stay on top of your tax returns and payments. But we understand it can get confusing sometimes. That’s why we’ve built an easy-to-use tax calculator to help you out. With our calculator, you can get a quick estimate based on the latest ATO tax rates, deductions, and other business-related taxes. It helps you see what to expect for the financial year and saves you time by factoring in the deductions that apply to you.

Advanced Tax Calculator

Designed to support business owners of all sizes, our income tax calculator is a powerful tool that simplifies financial planning and helps you maximise your tax refund with ease. It takes into account the latest ATO schedules, your liabilities, HECS-HELP repayments, Medicare levy, and eligible deductions to provide an accurate tax estimate. With this, you can stay prepared for the upcoming tax season without any stress.

Expert Assistance Every Step of the Way

Our smart income tax calculator is updated annually to ensure you get the most accurate estimates based on the latest tax rules. It shows exactly how much you owe and how much you can expect back. Built to align with the most recent ATO guidelines, it automatically reflects changes in tax slabs and deductions. Just enter your details, and the calculator takes care of the rest—making tax time simple and stress-free.

FAQs – Australian Tax & Sole Tax Calculator

  • What are the best ways to reduce the taxable income in Australia?

    Reducing taxable income lowers your tax liability and can be done by claiming work-related expenses like travel and office costs, donating to charities, making super contributions through salary sacrifice, and using tax offsets or rebates.

  • Who can use the tax calculator?

    As an Australian tax calculator, Sole has designed & developed the income tax calculator to support businesses of all types. Whether you are a freelancer, self-employed, or a professional working in a large enterprise, the tax calculator offers support for all levels of business. 

  • Is the Sole tax calculator free for usage?

    Yes, Sole’s tax calculator is completely free to use. You can access it anytime, anywhere, for your convenience. Our goal is to help everyone understand their tax liabilities and find ways to maximize their tax refund effortlessly.

  • Is there a separate tax calculator for individuals?

    No, but Sole’s tax calculator works for individuals too. It uses ATO-updated tax rates, so you can calculate your personal tax accurately, even without a separate tool.

  • How can I maximise my tax return in Australia?

    Stay organised with your financial records, claim all eligible deductions, and keep up with current tax brackets from the ATO. Use Sole’s tax return calculator for quick estimates, and if needed, consult our partner, Accountants Direct, for expert help.

  • At what income level do I need to repay my HELP/HECS loan?

    As per the financial year 2024-2025, if you earn more than $54,435, you are liable to pay the HELP or HECS repayment loan. The repayment starts at 1% and increases as your income increases. However, from 1 July 2025, the minimum repayment threshold will increase to $67,000, and you’ll only need to make repayments on the amount you earn above this threshold, not your entire income.

  • How much income is tax-free in Australia?

    As of 2024, income above $18,200 is taxable in Australia. If you earn $18,200 or less, you qualify for the tax-free threshold and won’t pay any income tax. Tax is only applied to the portion of your income that exceeds this amount. Additionally, if you’re an Australian resident earning below $21,884, you may be eligible for the Low-Income Tax Offset (LITO), which can further reduce your tax liability.

  • What are the tax rates for sole traders and businesses?

    Sole traders are taxed in the same way as individuals, meaning their income is taxed at personal tax rates. However, businesses or companies pay a flat tax rate based on their turnover. Whereas, the owners of the companies pay personal tax on salary or dividends received.

  • What is the current tax slab for FY’24 – FY’25

    Australia’s income tax rates for the 2024–25 financial years were updated and took effect from 1st July 2024.

    • $0 – $18,200: No tax payable
    • $18,201 – $45,000: 16% on income over $18,200
    • $45,001 – $135,000: $4,284 plus 30% on income over $45,000
    • Over $135,000: $31,884 plus 45% on income over $135,000

  • How does the Medicare Levy affect my taxable income?

    In Australia, taxpayers are subject to a Medicare Levy of 2% on their taxable income, which contributes to funding the public healthcare system. For example, if your taxable income is $50,000, the Medicare Levy would amount to $1,000. Some individuals may qualify for reductions or exemptions based on specific criteria, such as low income or medical conditions.