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Tax Free Threshold

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I'm new

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For the first time in my working career, I have opted no to the tax free threshold. Would this essentially mean that at tax time I should get a refund of the extra tax I am paying? Just not sure how it works and just wanted to make sure I am not paying extra tax for no purpose but to be paid less each week.

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Best answer

ATO Certified

Taxicorn

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@KIWI07 

 

It all depends on your total taxable income for the financial year.

 

Have you received any other income from any other source?

This could be from working another job, Centrelink, investments, bank interest, etc.

 

If you have received no other income and this is your only income then as long as you don't owe any government departments any money then you should receive excess back.

 

 

2 REPLIES 2
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Best answer

ATO Certified

Taxicorn

Replies 0

@KIWI07 

 

It all depends on your total taxable income for the financial year.

 

Have you received any other income from any other source?

This could be from working another job, Centrelink, investments, bank interest, etc.

 

If you have received no other income and this is your only income then as long as you don't owe any government departments any money then you should receive excess back.

 

 

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Community Support

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Hi @KIWI07,

 

Welcome to our Community.

 

As @macfanboy has advised it does depend on your total taxable income for the financial year.

 

When you lodge your income tax return we will work out the total tax payable based on the information you provide, your notice of assessment will advise if there is an amount to pay or a refund due.


For further information, phone us on 13 28 61 between 8am - 6pm, Monday to Friday to speak to a customer service representative.

 

Hope this helps you, SueO