Australian Tax Calculator:
Calculate my tax refund estimate
Here’s how to calculate your 2020 tax refund
Lots of people are curious about their tax refund estimate right now.
Will COVID-19 mean a bigger tax refund for you? Have you been working from home more and have some extra deductions to claim?
You can calculate an accurate tax refund estimate in a few minutes. The 2020 tax refund calculator inside Etax is the most accurate tax calculator available in Australia.
Etax automatically collects income and other details from the ATO to improve your refund estimate accuracy – and to make the process fast and simple for you. The calculator even includes the latest COVID-19 work from home deductions – you can read more details here about work from home deductions.
The Most Accurate Tax Calculator
At Etax, after you register and log in, then start a tax return, the tax refund calculator shows your tax refund estimate right at the top of the screen.
The tax refund calculator shows your ATO tax refund estimate. The more details you add to your tax return, the more accurate the tax calculator becomes…
It is accurate to the cent, based on the information you add to your return – and it updates as you go.
Etax includes the all tax cuts and tax rebates in your refund estimate, for 2020.
Each time you add a new detail to your return, the tax refund calculator re-calculates your tax estimate. You can see how each number and each tax deduction affects your overall tax refund.
This happens automatically, helping you see how different items in your return can affect your refund. That’s not possible with most tax calculators!
How to use the tax return calculator and see your accurate tax refund estimate:
- Start your tax return and create your account. (Already have an account? Just click here to login).
- Enter your income in the relevant fields.
- As you go, watch the top part of your return – your estimate is right there.
- Next, go ahead and add more details like income or deductions.
Keep an eye on the calculator; your tax refund estimate changes with each new item you add to your return. The Etax system re-calculates your refund estimate based on the latest details you’ve entered.
The Tax Return Calculator is a free part of the Etax online tax return (a paid tax agent service). The calculator provides an instant estimate of your tax refund (or payable).
If you decide to complete and sign your tax return (most people finish in just minutes), our qualified accountants check your return, and look for suggestions about further deductions or adjustments that can boost your tax refund or prevent ATO trouble.
If you just want to try the calculator, you are not obligated to sign and pay for a tax return.
But after trying it, most people use Etax for their tax return, because it is done from your home, affordable, convenient, and includes friendly support from real accountants and no appointments needed. Etax is the top-rated tax service in Australia – you can read more at the Etax reviews page.
The best tax calculator is only as accurate as the numbers you add (but Etax helps you get it right)
Some websites and tax calculators give big, huge refund estimates, but they only give you rough numbers; they don’t collect enough detail to give you a proper estimate.
For example, you must add correct information into the calculator about your residency and all of your income (including Centrelink, bank interest, etc.). If you don’t, the tax calculator may tell you a higher refund than you actually receive from the ATO.
If you add a bunch of rough numbers or guesses, your refund estimate will be a rough guess as well.
The ATO really doesn’t like it if you submit incorrect or inflated numbers on your tax return. They’re is not easily fooled and you can end up paying back taxes plus ATO interest and extra penalties.
Etax can help you avoid that problem.
Because inside your Etax return, you can get prefill suggestions (which means, automatically complete parts of your tax return with correct numbers taken straight from the ATO).
And after you finish your tax return, a friendly accountant (who’s on your side) will check your return before it is lodged to the ATO. That means, better tax refunds and less chance of painful ATO troubles.
Why not use the basic ATO tax calculator?
For starters, it’s the ATO’s job to collect revenue, not help you get a better refund.
It is risky to rely on an over-simplified tax refund estimate and even more risky to enter rough details then count on a tax refund estimate.
Also, using the ATO’s system, you don’t get any tips about tax deductions that can improve your tax refund.
A calculator that tells you the highest refund right now might make you feel good, but later if your real ATO tax refund is lower, ouch.
It’s best to use a calculator like Etax that tells you an accurate refund estimate, and enter all your details carefully, so you’ll know how much to expect from the ATO.
Etax.com.au (Australia’s favourite online tax return) includes a live tax calculator that updates automatically based on each piece of information you enter, ensuring an accurate, personalised tax refund estimate.
To start using the tax calculator, just register and start your online tax return. The more details you add about income and deductions, the more accurate your tax calculator will be.
Remember: The sooner you lodge your tax return, the sooner you’ll get your refund!