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Re: Tax bonus up to $1080

Newbie

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Replies 1

After doin MYTax, does the estimated refund include the $1080, if applicable, or is it added onto your estimated refund amount?
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Most helpful response

Community Support

Replies 0

Hi @pjkl,

 

Welcome to the Community.

 

If you’re eligible for the low and middle income tax offset, it will be included in your estimated tax refund or amount owing in myTax.

 

When you select ‘Calculate’ in the Tax estimate field, your estimated refund or liability will be displayed. Just under where this amount is shown, you can select ‘More details’. This will display the tax offsets you’re entitled to and the amount of each offset, including the low and middle income tax offset.

 

It’s worth keeping in mind that this offset is a non-refundable tax offset, meaning it can only reduce the tax payable on your taxable income to nil. If the tax payable is reduced to nil, then you won’t receive a refund of any unused amounts of this offset.

 

You can find some examples of how the low and middle income tax offset works on our website.

 

Thanks, NicM.

1 REPLY 1

Most helpful response

Community Support

Replies 0

Hi @pjkl,

 

Welcome to the Community.

 

If you’re eligible for the low and middle income tax offset, it will be included in your estimated tax refund or amount owing in myTax.

 

When you select ‘Calculate’ in the Tax estimate field, your estimated refund or liability will be displayed. Just under where this amount is shown, you can select ‘More details’. This will display the tax offsets you’re entitled to and the amount of each offset, including the low and middle income tax offset.

 

It’s worth keeping in mind that this offset is a non-refundable tax offset, meaning it can only reduce the tax payable on your taxable income to nil. If the tax payable is reduced to nil, then you won’t receive a refund of any unused amounts of this offset.

 

You can find some examples of how the low and middle income tax offset works on our website.

 

Thanks, NicM.