Instead of waiting by the post box to see what your tax return will bring, why not get tax smart with the Money Maven’s best tax time tools!
According to a recent survey, a majority of Australian taxpayers expect to receive a tax refund of less than $1000. But guess what?
That’s actually a whopping $1600 less than what the average person is entitled to claim back according to an Australian Taxation Office estimated figure of $2628. With over 11.4 million personal income tax payers in Australia, this is a lot of lost dollars going straight into the tax department’s coffers.
Rescu. Recommends These Excellent Tools:
XPNSIT: a Mobile and web based tax tool that combines sophisticated technology with detailed tax information specific to each industry and job. It is an online system that stores, tracks and monitors expense and work related activities for you so that you can always be aware of where your money is going. Once the relevant information has been entered, you can track the estimated value of your tax return for any given period. Click here for the XPNSIT Calculator.
Mozo: a web based, easy-to-use, free tax calculator. Simply enter your annual income amount into the box provided and your answers will pop up to the right of the box. Mozo calculates your income tax and your net income after tax. It assumes the standard personal income tax rates including Medicare levy and Flood levy for 2011-12. Mozo also suggests some popular savings accounts for you to consider and gives you the features for each. We guess they are getting a kickback for introducing new customers to banks but the free tools are both free and easy to use plus give great insight. Click here for the Mozo Calculator.
Australia Taxation Office Comprehensive Tax Calculator: The ATO website provides you with a detailed analysis of your income and how much tax you’ll get back. The calculator is a questionere that takes between 15-25 minutes to complete and calculates the tax payable on a given taxable income as well as your Medicare levy, Medicare levy surcharge, Higher Education Loan Program (HELP) repayment, Student Financial Supplement Scheme (SFSS) repayment and any tax offsets that may apply. It’s detailed and pretty accurate. Click here for the ATO Calculator.
Career One Pay Rise Calculator: Have you ever wondered how much tax you would get back if you had a higher paying job? This calculator not only calculates your tax, superannuation and net income for your current salary, it also allows you to compare how much tax you’d be paying if you were to finally land that pay rise. The Career One website also gives you some great tips on how to better manage your savings so you can learn to be tax smart for the future. Click here for the Career One Calculator.
Yours in tax refund joy! The Money Maven x
