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.
You have identified to me that you earned $50k this financial year so you would fall into the 1.0% repayment rate income thresholdfor compulsory repayments towards your HELP debt.
- Note repayment income (RI) is taxable income plus any total net investment loss (which includes net rental losses), total reportable fringe benefits amounts, reportable super contributions and exempt foreign employment income.
If your question is in regard to how much tax should be withheld then you can use our simple tax calculator.The final calculation happens when you lodge your return.