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 been claiming wrong. I have received $4,500 claiming fortnights instead of monthly. I thought I had to compare downturn for previous tax year in fortnights so only claimed $1500 each time. I was wrongly filling in the employee section. Can I get back the rest or just forget it and claim the full 3 fortnights for August? Thanks for info. I appreciate it as I am a sole trading senior woman.