Enter your income, then click Calculate.
Result
| Item | Amount |
|---|
What it does, and what it leaves to you
- Covers: resident income tax brackets, the low income and small business income tax offsets, a flat 2% Medicare levy, an optional HELP repayment rate, and flags for PAYG instalments and GST registration.
- Not decided: Medicare levy reductions and surcharge, other income, other offsets and deductions, the home-office and vehicle rules, GST amounts, non-residents, and whether you must pay instalments. The ATO or your accountant decide these.
Common questions
How much of my sole trader income should I set aside for tax in Australia?
Often 20% to 30% of profit once you add income tax and the 2% Medicare levy, but it depends on your profit. Enter your income and expenses here for a number built from the actual rates.
Do sole traders pay super?
Not compulsorily. You pay income tax and Medicare levy on your profit; any superannuation you contribute for yourself is voluntary.
Do I pay tax quarterly as a sole trader?
After your first assessment the ATO may place you on PAYG instalments if your tax is above $1,000. Instalments are usually due 28 October, 28 February, 28 May and 28 July.
When must I register for GST?
When your GST turnover reaches $75,000 in a 12-month period. GST you collect belongs to the ATO, so keep it out of your set-aside.
Is my data uploaded anywhere?
No. Everything is calculated in your browser and nothing is sent.