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.
27 March 202109:10 PM - edited 27 March 202109:33 PM
I'm thinking of lodging with my parents. They own the house and would be living with me. If I were to give them say $150 a week towards my living expenses am I right in thinking this is a domestic agreement and they will not need to report this income?