How this calculator works
This tool will calculate the tax payable on a given taxable income for the income year 1 July 2011 to 30 June 2012. It can also calculate:
- Medicare levy
- Medicare levy surcharge
- Flood levy
- Higher Education Loan Program (HELP) repayment
- Student Financial Supplement Scheme (SFSS) repayment, and
- any tax offsets that may apply.
It will take these, along with other tax credits, into account in calculating the tax refund or debt.
Information you will need
- Your taxable income for the 2012 income year (1 July 2011 to 30 June 2012).
- Your residency status for taxation purposes.
- Details of your tax credits and any tax offsets you are entitled to claim.
You may need additional information, depending on your circumstances and what you choose to calculate.
This calculator will give you an estimate only, based on the information you enter at the time. The actual amount of your tax payable or refundable will depend on the information you provide in your tax return and on the balance of your account at the time of assessment.
You will not be able to use this calculator if any of the following apply to you. If you:
- had an employment termination payment.
- had a lump sum payment in arrears.
- had a lump sum payment because you retired or finished working in a job.
- were under 18 years and had unearned income such as interest, dividends or other investment income.
- received credit for any tax paid by a trustee.
- had exempt foreign employment income.
- had income that was subject to averaging.
- are claiming Medicare levy reduction based on family income and you are a member of a couple where one member is eligible for the senior Australians tax offset (SATO) and the other member is not and you had one or more dependants.
- are entitled to the Entrepreneurs tax offset.
- are liable for the flood levy on foreign sourced income and you are entitled to a credit for foreign tax paid that is greater than the foreign income tax offset applied against your Australian tax payable on that income.