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Is everyone getting $1080?

Devotee

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Replies 3

I've been reading news reports that say Australian taxpayers are going to get $1080 becuase of the new tax cuts. Is this true?
I have already lodged my return, but my husband hasn't. I earned about $28,000 last year and he earned about $73,000.

How do we get this money? What do I need to do? Are we both going to get $1080 each?  When will we have it?

Thanks for your help, I don't want to miss out on this.

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ATO Certified Response

Anonymous

Replies 1

Hi @wonka5 

 

the amount that you shall recieve depends on what your taxable income is for the finanical year. 

If you have already lodged your 2018 - 2019 finanical year return you will still receive the tax cuts as the ATO systems will detect that you have lodged the return but have not received the cuts.   How long it will take before you actually receive the tax cuts as a refund will depend on a lot of variable factors, so just be patient while the ATO do their best to ensure that they are processed promptly.

 

Have a look at these websites for further explanation of how the tax cuts work and one includes an estimator.

 

https://www.budget.gov.au/2019-20/content/estimator/incometax.htm

 

https://www.ato.gov.au/Individuals/Income-and-deductions/Offsets-and-rebates/Low-and-middle-income-e...

 

https://www.news.com.au/finance/money/tax/what-the-coalitions-proposed-tax-cuts-mean-for-you/news-st...

 

ATO 13 28 61

3 REPLIES 3

Most helpful response

ATO Certified Response

Anonymous

Replies 1

Hi @wonka5 

 

the amount that you shall recieve depends on what your taxable income is for the finanical year. 

If you have already lodged your 2018 - 2019 finanical year return you will still receive the tax cuts as the ATO systems will detect that you have lodged the return but have not received the cuts.   How long it will take before you actually receive the tax cuts as a refund will depend on a lot of variable factors, so just be patient while the ATO do their best to ensure that they are processed promptly.

 

Have a look at these websites for further explanation of how the tax cuts work and one includes an estimator.

 

https://www.budget.gov.au/2019-20/content/estimator/incometax.htm

 

https://www.ato.gov.au/Individuals/Income-and-deductions/Offsets-and-rebates/Low-and-middle-income-e...

 

https://www.news.com.au/finance/money/tax/what-the-coalitions-proposed-tax-cuts-mean-for-you/news-st...

 

ATO 13 28 61

Community Moderator

Replies 0

Hi @wonka5,

 

Thanks for your questions.

 

Thanks for all that great information @Anonymous.

 

Check out our website page Low and middle income earners, it should have all the answers for you.


As @Anonymous explained the amount you receive depends on your income.


Returns that have been lodged will automatically be amended, so that you receive the correct offset.  Assessments for returns already lodged are expected to start issuing from Friday 12 July.

 

Thanks
KylieS

Enthusiast

Replies 0

I found this on another post and thought it was helpful

https://www.budget.gov.au/2019-20/content/estimator/incometax.htm