Hi , I’ve received a letter as income tax 551 , what does it mean and why should I pay ?

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 · Accepted Answer

_SimoneATO · Answer

Without looking at your income tax account 551, we cannot advise why you have additional amount of tax to pay, however your Notice of assessment (NOA) will give you an indication of how your tax was calculated. It will state your taxable income (from all income sources), the amount of PAYG withholding that was credited for the financial year and if you were eligible for any tax offsets and the amount of Medicare levy you paid. You can contact us (https://www.ato.gov.au/about-ato/contact-us) to discuss further with an operator and request and explanation of your income tax account 551. You will be asked some questions to pass a proof of identity check though once that has been accepted the operator can access your account. You can read more about Your notice of assessment (https://www.ato.gov.au/individuals-and-families/your-tax-return/check-the-progress-of-your-return-and-refund/your-notice-of-assessment?anchor=Whyyourtaxreturnoutcomemaychangein2023) on our website.

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