Announcements
Have you sold crypto, shares or property? Our new capital gains tax guide has info about cost bases, calculations & more! Still got questions? Ask the Community!

ATO Community

Re: $1080

Newbie

Views 74

Replies 1

Could someone please explain the $1080 payment, is it gonna be included with the refund or be paid separately ?

1 ACCEPTED SOLUTION

Accepted Solutions

Most helpful response

ATO Certified Response

ATO Community Support

Replies 0

Hello @SKN2

 

I assume you're referring to the Low and middle income tax offset which gets applied to your tax automatically if you're eligible.


The amount of the offset is between $255 and $1,080 depending on your income, but its not a 'payment' or 'refund', its an offset that reduces the amount of tax that you pay on your taxable income.

 

I recommend having a read about Low and middle income tax offsets on our website.

 

Smiley Happy

1 REPLY 1

Most helpful response

ATO Certified Response

ATO Community Support

Replies 0

Hello @SKN2

 

I assume you're referring to the Low and middle income tax offset which gets applied to your tax automatically if you're eligible.


The amount of the offset is between $255 and $1,080 depending on your income, but its not a 'payment' or 'refund', its an offset that reduces the amount of tax that you pay on your taxable income.

 

I recommend having a read about Low and middle income tax offsets on our website.

 

Smiley Happy