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.
Hello, I am an employee but also, separate to my main income, participate in the sharing economy by completing small mowing and gardening jobs. I entered my salary earned last year and the additional income I received via Airtasker into my Tax Return. I have an ABN but do not believe that I am “running a business” per se - rather I am declaring income earned as an individual. I am however considering the purchase of a new piece of equipment worth $700 before June 30 this year to assist with my tasking work. How should I treat it in my tax return - is it a straight deduction or do I have to consider depreciation? Thanks for the help.