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 a property in the UK which is rented and we fill out a UK tax return for the income derived. The property has a mortgage. In the UK recent changes to expenses claimable have reduced the amount claimable for interest on home loans. Can this interest expense be claimed on the Aussie return ? Overseas property depreciation is claimable on aus return i understand