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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.
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Believe I’ve overestimated my spouses income

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Replies 1

I have separated from my spouse and believe I may have overestimated their taxable income when I submitted my tax return.  
Will this be reconciled with their tax return (also submitted) during the review of my return and corrected before my notice of assessment is issued? Or will I need to try and source the specific amount and lodge an amendment?

1 ACCEPTED SOLUTION

Accepted Solutions

Most helpful response

Former Community Support

Replies 0

Hi @Notconfident

 

When completing your spouse details, you will not be penalised for an incorrect estimate if you acted reasonably and in good faith. If you have made a reasonable estimate you can leave your return.

 

This will not be reconciled with their tax return once submitted, however if you determine that your estimation is servilely over or under you may amended your return. We recommend amending your return in the figures significantly differ and it will effect the outcome of your return.

 

All the best!

 

 

1 REPLY 1

Most helpful response

Former Community Support

Replies 0

Hi @Notconfident

 

When completing your spouse details, you will not be penalised for an incorrect estimate if you acted reasonably and in good faith. If you have made a reasonable estimate you can leave your return.

 

This will not be reconciled with their tax return once submitted, however if you determine that your estimation is servilely over or under you may amended your return. We recommend amending your return in the figures significantly differ and it will effect the outcome of your return.

 

All the best!