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WHERE IS MY $1,080 REFUND?
With the Australian media reporting “workers could expect up to $1,080 extra in their wallets from their tax return”, it is understandable that mass confusion has spread. The $1,080 is not a refund, it is a tax offset. If you are an Australian resident and pay tax, you are eligible for both the Low income tax offset and Low-and-middle-income tax offset, depending on the level of your taxable income.
WHAT IS A TAX OFFSET?
A tax offset directly reduces the amount of tax payable. Unlike a tax deduction, which reduces your taxable income upon which the tax payable is calculated.