Calculate your tax refund estimate with the most accurate tax calculator available in Australia
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 your circumstances changed? Do you have extra deductions this year?
With Etax we can help you calculate your refund BEFORE you submit to the ATO.
The most accurate tax calculator
You can calculate an accurate tax refund estimate in a few minutes with the 2020 tax refund calculator inside the Etax tax return platform.
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.
How to use the tax return calculator to see your accurate tax refund estimate
The best tax calculator is only as accurate as the information you add (but Etax helps you get it right!)
Some websites and tax calculators give 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 about your residency and all of your income (including Centrelink, bank interest, etc.). If you don’t, or the tax calculator doesn’t have those fields (Etax does by the way!), 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 are 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 them to be the exact tax refund you receive.
Also, using the ATO’s system, you don’t get any tips about tax deductions that can improve your tax refund.
It’s best to use a calculator like Etax that tells you an accurate refund estimate, so you’ll really know how much to expect from the ATO this year.
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 & no appointments needed. Etax is the top-rated tax service in Australia – you can read more at the Etax reviews page.
We have one goal here at Etax and that is to get our customers the best possible tax refund
Etax is trusted by thousands of Australian’s every year
I love that they really do want to get me the best refund.
Very helpful and genuinely wanting to get me the best refund. I do appreciate the quickness of returning my emails. Thank you for responding very fast and listening to my questions and explaining things to me properly.
Lara, Perth, August 2019 via ProductReview