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tax cuts for this year

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Hi 

 

Me and my boyfriend were watching the project last night about tax cuts. Since the governemnt has approved them when will we recieve our money and how much will we receive? We both earn different amounts so does this mean we will receive different amounts? If i have lodged my tax return already what should I do?

 

TIA 

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ATO Certified

Community Manager

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Hi Shelly

 

Great question!

 

Not to worry if you have already lodged your tax return, we will automatically amend this for you so that you receive any low and middle income tax offset you are entitled to. This will be deposited into your nominated bank account. For information about the amount of low and middle income tax offset you will be entitled to, visit the Lower taxes for hard working Australians: Building on the Personal Income Tax Plan page on the ato.gov.au website. Assessments for returns already lodged are expected to start to issue from Friday 12 July and into the following week, which is in line with the normal processing of refunds for this time of year.

 

Thanks,

Breeh

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Best answer

ATO Certified

Community Manager

Replies 0

Hi Shelly

 

Great question!

 

Not to worry if you have already lodged your tax return, we will automatically amend this for you so that you receive any low and middle income tax offset you are entitled to. This will be deposited into your nominated bank account. For information about the amount of low and middle income tax offset you will be entitled to, visit the Lower taxes for hard working Australians: Building on the Personal Income Tax Plan page on the ato.gov.au website. Assessments for returns already lodged are expected to start to issue from Friday 12 July and into the following week, which is in line with the normal processing of refunds for this time of year.

 

Thanks,

Breeh

Taxicorn

Replies 1

The additional amounts depend on your taxable incomes so will be slightly different depending on what they were.

The additional amounts when officially approved will be paid via an amendment to your tax return (by the ATO) and they will then pay that additional amount to you.

 

Probably 1-2 weeks away?

 

Newbie

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Thank you for this response. My refund estimate at lodgement was $3000. It is now Balancing at $3000. When I put my details into the tax calculator it shows a higher balance.

Community Support

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Hi @Shelly

 

Thanks for your question.

 

@macfanboy is correct. How the tax changes will affect you will depend on your taxable income and the year in question.

 

You can have a look at the Building on the Personal Income Tax Plan page on our website for more information.

 

It details the tax rates, thresholds and offset entitlements for the 2018-19 income year through to the 2024-25 income year.

 

You can also have a look at the low and middle income earners page for more detailed information about how the new low and middle income tax offset works.

 

You don't need to do anything to get the offset. Just lodge your return and we will calculate it for you. For those who have already lodged prior to the offset increase becoming law, we are implementing the necessary system changes to ensure that you receive the offset that you are entitled to.

 

Hope this helps.

 

Thanks,

 

ChrisR

Newbie

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