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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.
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Re: Single touch payroll

Initiate

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Replies 6

Hi, I had received an email from a previous employers accounts dept. informing me that an STP income statement was sent to MyGov/Tax Agent, and to review my own MyGov account.
So I did, and a four (4) figure dollar amount was forwarded to the ATO as a reportable fringe benefit non-exempt from my previous employer.
I would like to know, where does this amount go after the ATO has processed it?
Thank you.
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Most helpful response

Former Community Support

Replies 4

Hi @Mo64,

 

Thanks for reaching out!

 

If you have already lodged the return that relates to the reportable fringe benefit, and you're waiting to see the outcome, I would recommend you look at a thread we have on the processing of tax returns for the 2020 year.

 

If you haven't lodged yet, you will need to lodge for the year with the income statement with the FBT as part of it so we can balance your account, and after we have balanced it you will find out the outcome of the 4 figure amount.

 

Hope this helps!

6 REPLIES 6

Champion

Replies 0

The ATO has followed through on plans to improve digitisation of tax reporting and returns, making it mandatory for all employers to use Single Touch Payroll from 1 July 2019. ... Single Touch Payroll has been a requirement for businesses with 20 or more staff from mid-2018.

Most helpful response

Former Community Support

Replies 4

Hi @Mo64,

 

Thanks for reaching out!

 

If you have already lodged the return that relates to the reportable fringe benefit, and you're waiting to see the outcome, I would recommend you look at a thread we have on the processing of tax returns for the 2020 year.

 

If you haven't lodged yet, you will need to lodge for the year with the income statement with the FBT as part of it so we can balance your account, and after we have balanced it you will find out the outcome of the 4 figure amount.

 

Hope this helps!

Initiate

Replies 3

Thank you for your reply.

I'm currently unemployed. However, I do pay tax through my Newstart allowance (now Jobseeker) and I am due for refund very soon. Will I still need to fill out a tax return for 2020.
Regards, Mo

Initiate

Replies 2

Hi again
Re: my last enquiry, in which I'll have to elaborate on. Your reply to my enquiry was that I'd have fill in a tax return 2020 for the STP I'd received from my previous employer.
Do I have fill in a 2020 return for the STP even though I'm unemployed and pay taxes on my Newstart/Jobseeker. 🤔

Former Community Support

Replies 1

Hi @Mo64,

 

If you have had any tax withheld throughout the financial year (even through Newstart/JobSeeker) you will have to lodge a tax return. It will also ensure that you get a refund, if too much money was withheld. Based on the fact that you said you're paying tax on your JobSeeker payments, I would recommend that you lodge a return. 

 

 

Initiate

Replies 0

Thank you for your reply 👍