Worried you’re missing part of your refund? Remember, the low and middle income tax offset isn’t a refund on its own – it’s used to offset (or reduce) the amount of tax you pay. The offset amount you may be entitled to is automatically applied and could range between $255-$1080, depending on things like your taxable income and how much tax you’ve paid.
I am wondering are the business support funds from VIC governemnt assessable or not? The business received three round VIC support funds during COVID-19. Are they all assessable income and taxed? How about the council support? I am really confused. Hope someone can help.