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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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Re: Completing multiple returns - aggregate of refunds/payables

Initiate

Views 571

Replies 2

Hi,

 

If I were to complete multiple returns with one being $1000 refund and another being $200 payable. How will the ATO work out the amount? Will they net each of them off so my total refund in my account is $800?

1 ACCEPTED SOLUTION

Accepted Solutions

Most helpful response

Former Community Support

Replies 0

Hi @MarkyMark,

Yes, if you have muliple financial year returns lodged at the same time, the last 'Notice of Assessment' may indicate whether there are other year assessments (depending on timing of the processing of these returns), and whether there is a DR. or CR. resulting. This will then affect the current year's assessment, and may result in a statement of account  being sent as well (as per Your notice of assessment).

 

Generally, it would be wise to wait for all multiple years returns to be processed before spending any money deposited into your bank account from the ATO, just in case there is tax payable at the end after the final tax return is processed.

 

2 REPLIES 2

Most helpful response

Former Community Support

Replies 0

Hi @MarkyMark,

Yes, if you have muliple financial year returns lodged at the same time, the last 'Notice of Assessment' may indicate whether there are other year assessments (depending on timing of the processing of these returns), and whether there is a DR. or CR. resulting. This will then affect the current year's assessment, and may result in a statement of account  being sent as well (as per Your notice of assessment).

 

Generally, it would be wise to wait for all multiple years returns to be processed before spending any money deposited into your bank account from the ATO, just in case there is tax payable at the end after the final tax return is processed.

 

Champion

Replies 0

Hi @MarkyMark,

 

Thank you for the question.

 

If you lodge multiple tax return which results in a debt, we will use any refund/credits to reduce the debt.

 

Hope this helps.