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Friday, July 26, 2019

Where's my $1,080 tax offset?

If you have completed your tax return and received your refund, you may have been like us wondering if you already received the tax cut that the federal government announced a few weeks ago. The short answer is yes, your refund already includes the change in tax rate.

The amount that you receive will depend on your taxable income - if your taxable income is $125,000 or more, you should see $1,080 in your notice of assessment. The tax cut shows up as a credit under the "Low and middle income tax offset" (in yellow below). You will notice that this line was not in your tax return last year.