Getty
Generally speaking, Australians tend to be sluggish when it comes to lodging their tax returns. Regardless whether you actually expect a refund or a tax bill, everyone can unanimously agree that going through financial documentation and filling in an endless list of questions is a tiresome task.
Not so for the end of financial year 2018/19 it seems! The Australian Taxation Office has been inundated with phone calls and experienced at 88% increase in tax returns that have been lodged early, all because of the Low and Middle Income Tax Offset that passed through the senate last week.
What does this mean for you?
This means that anyone earning between $48,000 and $90,000 will be getting an extra $1080 in their tax return this year. Those earning less than $37,000 will get $255, those earning between $37,000 and $48,000 will get an extra $255 plus 7.5% of the excess above $37,000, and if you earn more than $90,000 but less than $126,000 your offset entitlement will be $1080 less 3% of the excess above $90,000.
How can you get your refund?
According to the reports, all you have to do to receive the offset is lodge your tax return, and the money should show up in your account. Even if you lodged a tax return before the legislation was officially passed, the ATO will deposit the amount into accounts as early as the next two weeks.
But didn’t the ATO suggest waiting until August to lodge a tax return?
The ATO originally issued a statement asking Australians to wait until August to lodge tax returns, as by August most banks, employers and other financial institutions have submitted information to the ATO – so that your MyTax forms are pre-filled with the correct information. However, if you are sure that you have all the information you need for income, HELP loans, health funds etc. and that the information is correct, then you can fill in the information yourself, or by seeing a tax agent.
You might also like:
Make the end of financial year less stressful
Related stories
Native ad body.
Native ad body.
Native ad body.
