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.
2 October 202011:15 AM - edited 2 October 202011:37 AM
When an Australian citizen is living abroad and earning foreign income, whist owning a rental property in Australia: if there is no tax payable in Australia and there is a loss from the rental property, does this loss carry forward to the next financial year?
What differences in the answer, if any, are there for tax residents vs non tax residents?