Tax Time Tips for Young Aussies: What to Expect from Your 2024 Tax Return

As tax time nears, many Aussies are eager to estimate their refunds. Thankfully, online calculators can give you a rough idea before your tax return is processed.

With the rising cost of living, many are relying on their tax return for financial relief. 

How Much Will You Get on Your Tax Return?

Your refund depends on your income and tax bracket. Online tools like H&R Block's tax calculator or paycalculator.com.au can help estimate your refund.

For example, the average Aussie earns $1,888 per week ($98,176 a year) and pays around $22,374 in tax. Using H&R Block's calculator, this person could get about $1,964 back from the ATO. 

In 2022, the average self filed return was $2,576, while those using a tax agent averaged $3,550.

 What Affects Your Tax Return?

Several factors can influence your tax return, including:

•  Taxable income from wages, salary, investments, and rental income

•  Tax deductions

•  Tax offsets or credits

•  Medicare Levy Surcharge

•  Family Tax Benefits

•  Residency Status

 Common Deductions

Deductions vary by job, but typical ones include:

•  Car and travel expenses

•  Work related tools and equipment

•  Clothes and uniforms

•  Education and training

•  Memberships and fees

•  Meals and entertainment

•  Personal grooming, health, and fitness

•  Gifts and donations

•  Investments, insurance, and super

Tax time tips for young australians

🛍️Sign up to our Job Match service here

📝 Access our Free Resume template here

➡️Browse hundreds of young adult jobs here

💼Create a job seeker account here

👨‍💼Post a job here

📄Check out more articles here

👉Follow our Instagram

✅Follow our Tik Tok

🤝Follow our Linkedin