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.
2 July 202006:18 PM - edited 2 July 202006:37 PM
Looking through my tax return in MyGov and have realised that the amount owed for my SFSS Compulsory repayment for 2019-2020 is now double the amount it was in 2018-2019. My income has increased only slighty from the previous year, the tax I have paid is similar so I cannot see a reason for the substantial increase. Is this an error in MyGov?
Great thank you, it is not the initial threshold change for me but looking at the tables in your link I can that the seperate SFSS tables finished in 2018/2019 and have been replaced by one table for all loan types and that effectively has doubled the percentage rate in my situation hence the doubled amount owed for the year.
I am in the same boat here. The adjusted tables have effectively doubled my compulsory tax return repayment for SFSS this financial year. 4k per year at tax time to now 7.5k this year. It seems excessive but luckily I have paid enough tax this year to absorb this.