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 am starting a post grad course in Feb, funded via a Fee-help loan. My repayments will fall into the 9% bracket. Can i set this money aside in a seperate offset account attached to my mortgage and then pay it when i get my notice of assessment, or must i notify my employer and get them to withhold it?