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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.
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Dividend Withholding Tax

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I've recently recieved a dividend payment with a portion (47%) witheld most likely because I did not provide my TFN on time to demosntrate I'm a tax resident of Australia. How would i be able to recoup the difference between the highest marginal rate and my actual marginal tax rate? Is there something that can be done during my tax return?

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Former Community Support

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Hi @Beowls,

 

Welcome to our Community.

 

If you are required to lodge an income tax return you declare your dividend income, including franked and non-franked amounts. We will then use this information to work out the total tax payable; your notice of assessment will advise if there is an amount to pay or a refund due.

 

If you don’t need to lodge an income tax return there are a few ways you can claim a refund for your franking credits. If you already have a myGOV account linked to us you can apply online, or over the phone .

 

There is additional information available on our website to assist you, including details about our automated refund of franking credits service.

 

I hope this helps, SueO.

1 REPLY 1

Most helpful response

ATO Certified Response

Former Community Support

Replies 0

Hi @Beowls,

 

Welcome to our Community.

 

If you are required to lodge an income tax return you declare your dividend income, including franked and non-franked amounts. We will then use this information to work out the total tax payable; your notice of assessment will advise if there is an amount to pay or a refund due.

 

If you don’t need to lodge an income tax return there are a few ways you can claim a refund for your franking credits. If you already have a myGOV account linked to us you can apply online, or over the phone .

 

There is additional information available on our website to assist you, including details about our automated refund of franking credits service.

 

I hope this helps, SueO.