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 have salary sacrificed $15, 000 and intend to use it to contribute to purchasing my first property. Do I qualify to use the FHSSS as a means to pruchase this property for investment purposes if I intend to live in the property for the first 12 months after its purchase? I have struggled to find answers online for this. Would it be necessary for me to take out an owner-occupier home loan for the first 12 months before changing to an investment loan later on? Thanks.