It would be extremely helpful if MYOB could provide an optional income tax estimate for sole traders based on net profit, similar to how GST tracking currently works.
MYOB already calculates net profit in real time. Using this figure, MYOB could estimate personal income tax liability for the current financial year and display it on the dashboard.
A possible implementation could include:
Income Tax Estimate based on ATO Marginal Tax Brackets
Using the current Australian resident tax rates for the relevant financial year, MYOB could automatically estimate income tax on the user's net profit.
Optional Medicare Levy Toggle
Users could optionally include the 2% Medicare levy in the estimate.
Optional Custom Tax Rate
Because individual tax situations differ (other income, deductions, offsets, HECS, etc.), users could override the calculation with a custom estimated tax percentage if preferred.
The dashboard could then display a simple summary such as:
- Net Profit (FY to date)
- Estimated Income Tax
- Estimated After-Tax Profit
Adding something like this to the MYOB Business Lite Dashboard would provide valuable financial visibility for many sole traders in the MYOB community.
If other sole traders would also find this helpful, please consider voting for this idea so the MYOB team can see the demand.
