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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: Why has my tax refund changed to a tax payable amount? (Due to HELP debt and allowance?)

Newbie

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So when lodging online I had the estimate of around 3k estimate refundable. My accountant had reviewed it and it now has changed to a payable amount of $7. I was advised that the change from refund to payable was due to:

  • Additional income - Your PAYG summary included an allowance which needs to be declared as income on your return. We have therefore added it to your return for you.
  • Additional Tax - Repayment of HELP  $1,094.04

Can someone please clarify how and why this affects the refund amount so much? My accountant isn't being so clear after asking multiple times to explain better so that I can understand. I just need a general explanation of why these two factors have impacted it

 

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Most helpful response

ATO Community Support

Replies 0

Hi @tngu4

 

Without seeing your Notice of assessment (NOA) it is a bit of guess really. However you can get an account explanation over the phone separate to your Tax agent if you feel you want to. That all said though the HELP debt threshold actually dropped this year so that may of caught you out.

 

Allowances too normally indicate a possible deduction you may need to claim. However if you didn't need to use your allowance for the purposes designated then it will increase your overall taxable income with no deductions. Also remember the estimates online in myTax are just that. In some circumstances manual calculation is required to produce the correct NOA outcome.

 

1 REPLY 1

Most helpful response

ATO Community Support

Replies 0

Hi @tngu4

 

Without seeing your Notice of assessment (NOA) it is a bit of guess really. However you can get an account explanation over the phone separate to your Tax agent if you feel you want to. That all said though the HELP debt threshold actually dropped this year so that may of caught you out.

 

Allowances too normally indicate a possible deduction you may need to claim. However if you didn't need to use your allowance for the purposes designated then it will increase your overall taxable income with no deductions. Also remember the estimates online in myTax are just that. In some circumstances manual calculation is required to produce the correct NOA outcome.