Simple Job Tax Estimator
Calculating or Estimating Income & Expenses on a job by job basis allows the business owner to keep better control of what to put away for tax time, put away for trade account payments and also gives some idea of what is left for home bills etc. (Your Money)
- Estimates Income Tax to withhold.
- Calculates GST to withhold.
- Gives you some idea of what you can spend out of the job.
- Allows you to see at a glance if the job is worth doing.
- Helps to prevent under or over quoting.
- Simple process - the outcome of some jobs will surprise you and make you think twice about what you are doing and how you are operating.
Ideas for improvement or additions - Please send to firstname.lastname@example.org
Note that the figures are estimates and do not take into account deductions and Tax Free Threshold.
Deductions lower your taxable income - YES, but don't be fooled into just buying stuff for this reason. You still have to pay for the items.
Your tax may be higher also if you are a high income earner or have two jobs - you can adjust the income tax in the calculator.
See the ATO website for TAX RATES.
P.S. I really made this for myself as I needed to see why I never seemed to have any money. Just looking at what you get from a client can really put you in a bad financial position. Most small businesses fail to put away tax for the first year. This is a trap for new players and when the Tax Office wants their share that hurts. Anyway, ENJOY.