Use the ATO simple calculator to work out how much tax you will receive or pay on your taxable income. The income tax rates will depend on the year you select and your residency status at the time – please note that non-residents are taxed at a higher rate.

ATO Simple Calculator
The ATO Simple Calculator will not include:

  • Medicare levies and surcharges,
  • Trade Support Loans liabilities (TSL)
  • Temporary Budget Repair Levy
  • Higher Education Loan Program (HELP) and Student Financial Supplement Scheme (SFSS) liabilities
  • Use the ATO Simple Calculator to estimate your income tax return. You should still seek professional advice when lodging your tax return at the end of the financial year.

    ATO Comprehensive Calculator
    The ATO Comprehensive Calculator includes:

  • Medicare levies and surcharges
  • HELP/ TSL and SFSS liabilities
  • Any other applicable tax offsets
  • The ATO Comprehensive Calculator is an estimated figure that can assist with tax planning strategies for the financial year. It should not be used in the place of a professional assessment.

    Trade Accounting is a trusted firm that has operated for over twenty years. We are dedicated to helping you self-manage your finances and income tax as much as possible. We provide one-to-one ethical service, independent advice and years of experience to help you make the right decisions for your financial future. Our activities are directed toward individuals, sole traders, small to medium companies and charities and we can provide assistance with income tax returns, Pay As You Go (PAYG), Goods and Services Tax (GST), and Capital Gains Tax.

    Trade Accounting offers comprehensive services to help minimise your tax burden, plan your finances and help your business grow. We also provide experienced, objective advice about tax planning, taxation strategies and financial planning.

    Glossary of Terms:

    Medicare Levy – 2.0% of taxable income is paid by taxpayers to fund healthcare. Reductions will be calculated on the information you provide in your return Medicare Levy Surcharge – an additional levy ranging from 1 to 1.5% of taxable income is applied to individuals who have an income above the base threshold and do not have

    appropriate private hospital cover*

    Trade Support Loans – apprenticeship loans up to the amount of $20,000, paid in instalments over the life of an Australian apprenticeship Temporary Budget Repair Levy – a 2% levy applicable to personal taxable incomes in excess
    of $180,000 per annum. This levy is in force from 1st July 2014 to 30 June 2017 HELP – previously known as HECS, this scheme helps Commonwealth supported students pay their education contributions. HELP is repayable when student taxable income passes the minimum threshold for compulsory repayment*

    SFSS – a voluntary loan scheme that is no longer offered. If you have an outstanding SFSS debt, it is repayable when your taxable income exceeds the minimum threshold for compulsory repayments*

    *thresholds are subject to change. It is advisable to check with the ATO or an accountant for current minimum thresholds Contact Trade Accounting for all of your taxation services today.

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