• Estimating the tax on your business or investment income

    This work sheet will help you estimate the tax on your business and/or investment income. See explanations of each section on the following pages. You can also use the PAYG instalments calculator to estimate the tax on your business and/or investment income.

    If your business and/or investment income for the year will be zero, you can vary your instalment amount or instalment rate to zero. You do not need to estimate your tax or income to do this.

    Tax estimate worksheet

    Income year:

     Item

    Amount

    estimated income

    $

     

    - minus

    estimated allowable deductions

    $

     

    = equals

    Estimated taxable income

    $

    Tax on estimated taxable income

    $

     

    - minus

    Estimated tax offsets (other than refundable tax offsets and foreign income tax offset) (eg Zone, superannuation contributions)

     $

     

    = equals

    Estimated net tax payable before applying foreign income tax offset and Medicare levy (if negative use “0”)

    $

     

    + plus

    estimated Medicare levy

    $

     

    + plus

    estimated Higher Education Loan Program (HELP) repayment

    $

     

    + plus

    estimated compulsory Financial Supplement repayment

    $

     

    +plus

    Estimated Trade Support Loan (TSL) repayment

     

     

    - minus

    estimated refundable tax offsets

    $

     

    + plus

    estimated temporary budget repair levy

    $

     

    - minus

    estimated foreign income tax offset

    $

     

    - minus

    estimated tax credits

    $

     

    = equals

    Estimated tax on business and/or investment income

    $

    See also:

      Last modified: 11 Aug 2016QC 16159