I would like to understand whether I’ve been overtaxed and how to file my tax return to reclaim any excess tax. I am an Australian resident for tax purposes.
During the 2024–25 financial year, I had two jobs and earned interest from a bank account. The hypothetical figures are as follows:
- Job 1: $3,000 (no tax withheld)
- Job 2: $80,000 (tax withheld = $17,600)
- Bank interest: $3,000 (no tax withheld)
Total income: $86,000
I claimed the tax-free threshold for both Job 1 and Job 2 when I switched roles.
My concern is that the ATO calculations show I owe $16,760 in tax, which seems not to account for the $18,200 tax-free threshold.
Based on my own calculations, the tax payable should be:
- First $18,200: tax-free
- Next $26,800 (from $18,201 to $45,000): taxed at 16% = $4,288
- Remaining $22,800 (from $45,001 to $67,800): taxed at 30% = $6,840
- Total tax payable: $11,128
If this is correct, I’ve overpaid by about $5,472 (since $16,600 was withheld).
Could I get a confirmation that my understanding is correct? If so, how do I rectify this? Is the ATO’s estimate simply preliminary, and will the tax-free threshold be applied correctly when I lodge my actual return?
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