Yahoo Finance Where to get an estimate on your tax return
The best thing about doing your taxes is looking forward to the tax refund you’ll get at the end of it.
And with the coronavirus downturn leaving Australians more cash-strapped than usual, you might be wanting to know how much you may get back.
Also read: Here's everything you need to know for tax time 2020
Also read: All the laws ending and changing 1 July: Here's what it means for you
Also read: What can I claim on tax this year?
There are a few calculators around that help you estimate your tax refund.
The most basic one is this one from H&R Block, which just asks for your gross annual income before tax as well as your total tax withheld.
Your ‘total tax withheld’ can be found through accessing your 'Income Statements' via myGov, and looking at ‘Pay-As-You-Go (PAYG) withholding’.
But hitting ‘advanced options’ lets you refine your calculation even more by including additional information such as super contributions, fringe benefits, other income, and HECS balance.
Another handy tax return calculator is from Money.com.au which asks for similar information and then some, such as your bank interest, foreign income, rental property loss, and financial investment loss.
Hovering over the ‘information’ bubble beside each item breaks down what this information is involved and where to find it.
Online tax return platform Etax also has a tax refund calculator which also takes into account whether you're single or married/in a de facto relationship.
The average tax return for Australians in 2019 was $2,381.
Yahoo Finance has also put together a guide for what Aussies can claim in tax this year – and don’t forget about the ATO’s work-from-home tax shortcut.
Looking for something more specific to your circumstance? Yahoo Finance has also pieced together a rolling story on what tax time 2020 means for you, whether you’re on JobSeeker or JobKeeper, withdrew super early, run a business, or if you’re a landlord. This story will be continually updated throughout tax season.
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