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.
31 May 202002:39 PM - edited 31 May 202002:44 PM
Thank you for taking the time to view my question.
I am employed lucky for now full time but i will not be receiving commission or bonuses now due to Covid 19. I heavily rely on this income to make up my remaining salary.
I have a large mortgage. car payment and personal loan payment for my wife and myself. We have 2 children and my wife worked part time for 2 employers. She recently was let go from one employer and is now working very reduced hours with the one employer but way les than 20 hours. I am finding it really difficult to make my monthly repayments and household expenses such as power, rates notice, strata fee and mortgage and car payments. (I am now living on credit)
I also support my parents. My dad who was a taxi driver is unable to work and they are also finding it difficult and trying to support them. I am finding it difficult each month to support my family.
I have $179k in my super and can i make a claim to assist with my situation.
I am also concerned with my employment position going past Sept as i am on job keeper.
Can i withdraw from super which will help me get by for at least a few months? Financial stress is starting to get to my family.