There are many articles/news reports around about people furious over not getting a tax refund when lodging their 2023 tax return.
Please remember these few things:
1. Your employer withholds the required amount of tax (based on information provided by you). If you have no other income/expenses and you have the appropriate level of private health cover for your income level, then technically your tax refundable/payable should be close to $0.
2. If you are receiving any other taxable income (Centrelink payments, interest, positively geared rental property just to name a few) you will most likely have tax to pay.
3. The reason many people received a refund in the last couple of years was due to the Low and Middle Income Tax Offsets. This was scrapped for the 2023 tax return.
4. Going through a tax agent means that in many cases you get until June 2024 to pay any tax liability. Just ensure your tax agent has you added to their Tax Agent Portal prior to 31/10/2023.
5. If you have a tax liability that you can’t pay in full, contact your tax agent to set up a payment plan on your behalf (if eligible). If you don’t have a tax agent, you are able to contact the ATO debt department and arrange a payment arrangement yourself.
Happy Sunday ☀️
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