Australian Trader Tax Calculator 2023-24
This calculator helps determine tax for both capital gains and trading as a business income. Select the appropriate calculation type below:
Tax Calculation Results
Assessable Income:
Taxable Amount:
Base Tax:
Medicare Levy:
Total Tax Payable:
Effective Tax Rate:
Note: This is a simplified calculation for estimation purposes only. Please consult with a registered tax agent for accurate tax advice. Tax rates and thresholds are based on 2023-24 financial year.
Here’s a comprehensive table summarizing the key tax information for Australian traders:
| Aspect | Details |
|---|---|
| Tax-free threshold | $18,200 in the 2023–24 financial year |
| Tax rates for sole traders | 0 – $18,200: Nil $18,201 – $45,000: 19% $45,001 – $120,000: 32.5% $120,001 – $180,000: 37% $180,001 and over: 45%2 |
| Lodging tax returns | Must lodge a tax return even if income is below the tax-free threshold4 |
| Goods and Services Tax (GST) | Register for GST if annual turnover is $75,000 or more3 |
| Business Activity Statements (BAS) | Required if registered for GST or have PAYG withholding obligations |
| Tax File Number (TFN) | Use individual TFN when lodging tax return |
| Australian Business Number (ABN) | Entitled to an ABN for business activities3 |
| Income Tax Reporting | Report all income on individual tax return, including business income4 |
| Payroll Tax | Determined by the state of operation; check with state authorities2 |
| Superannuation | Required contributions for employees if applicable2 |
| PAYG Withholding | Deduct tax from employees’ pay if applicable2 |
| Lodgment Methods | Online via myTax, through a registered tax agent, or by paper4 |
| Lodgment Deadline | 31 October if lodging via myTax4 |
| Capital Gains Tax (CGT) | Applies to profits from selling assets, including stocks7 |
| Deductions | Can deduct expenses related to trading activities7 |
This table provides a comprehensive overview of the tax obligations and considerations for Australian traders, particularly those operating as sole traders. It covers key aspects such as tax rates, lodgment requirements, GST registration, and various other tax-related obligations