I have just realised I ticked "no" to the tax-free threshold by accident.
I have read elsewhere that regardless of whether you tick "yes" or "no", your tax return will correct how much tax you pay.
However, the estimated return I will get results in me paying about $6000 more than what the Australian Government income tax calculator tells me I should be paying for my salary.
My colleague who earns exactly the same wage as me and who has elected for the tax-free threshold paid 2/3 of what I paid in tax and also got tax back, resulting in her earning more than me overall (deductions irrespective).
Surely ticking "no" does not mean that I donate money to the government and end up paying more tax than I should? Surely there is a way to get a refund to ensure that I'm paying the same tax as everybody else?
I spoke to someone on the phone at the ATO but they weren't sure how to help me.
I have booked in to see a tax agent in a few weeks time but in the meantime I'm very nervous that I've accidentally lost a chunk of my income and won't be able to get all of it back.
3,562 views
1 replies