Tax Return:: Using Our Estimated Tax Refund Calculator

Hello, this is P&C Tax Professionals!

I'm sure there are people out there who are curious about the amount of tax refund they can expect to receive this year but who are hesitant to ask a professional tax accountant for the details. This is the exact reason why we have own 'estimated tax return calculator' which can be accessed directly from P&C Tax's official website.

As long as you know your year-to-date/accrued gross income and PAYG tax for the given financial year (e.g. 1 July 2020 - 30 June 2021), you can use our tax refund calculator to get an estimated refund amount for your tax return.

However, our estimated tax refund calculator is set for people who are residents of Australia for tax purposes, so all estimates that are generated by the calculator will be assuming that you are an Australian resident.

If you are classified as a non-resident, please note that there will be a difference in the refund amount and consequently, you should not rely on the calculator to work out your tax refund amount.

Another key point to consider is that in the case that your refund amount is given as a negative number, this is not a tax refund and instead it represents the amount of tax you have to pay (i.e. it is your estimated tax payable amount).

Now, we will show you how to use our tax refund calculator.

1. Head to the link provided below to get to P&C Tax's refund calculator.

Link to calculator: https://www.pnctax.com.au/calculator

2. Depending on your visa type, select one of the three icons on the right hand side of the page.

3. Plug in your Gross Income and PAYG Tax Withheld Amounts into the calculator.

After selecting your visa type, type in your total gross income and tax withheld amount for all of the places you have worked for from 1 July 2020 to 30 June 2021.

If you have also earned income as an ABN holder, you can add your ABN income together with your TFN income in the 'Total Gross' section. Once you click on the 'Results' button, you will be able to see your estimated tax refund/payable amount shown in red.

It's really a lot simpler than you imagined right?

Also, please remember that each individual is faced with a different situation. If you have additional work-related deductions, tax offsets or government support payments, your expected tax refund figure may vary.

(The refund calculator is assuming that you are only including $300 as your work-related deductions).

If you do happen to receive a tax offset, have additional deductions or have government support payments which you received during the year (such as Jobseeker, Youth Allowance, etc.) and want to know the exact refund amount, please feel free to contact us through our email address at pnctax@naver.com or via our Official Facebook Page (P&C Tax Professionals - Australia).

Thank you and bye for now !