Christmas has come early for earners between $48K and $90K.
Good news: if your taxable income (ie your before-tax salary minus tax deductions) for the 2018-19 financial year was between $48,000 and $90,000, you can expect a sweet tax offset when you get your refund back to the amount of $1,080.
This is in addition to whatever tax refund you’re entitled to for the year.
How good’s that? This $1080 tax offset will benefit 4.5 million Australians, and it’s all thanks to Sco-Mo and his $158 million tax cuts package, which is designed to get people paying less tax for the next five years.
What do you need to do to get your hot little hands on this offset? Simple: file your tax return! You don’t need to do anything additional to claim this – just file your tax return as you normally would (which hopefully is through Colby Business Services!), and it’ll magically show up in your bolstered tax refund.
How good is that?!
If you don’t fall within that coveted income bracket, don’t worry, you may still be eligible for a bit of Sco-Mo love. If you earned less than $37,000, you’ll get $255 back, and the amount increases as you get closer to $48,000. Anyone earning over $90,000 also gets a small amount, up until $126,000, when the offset peters out altogether. Earning more than $126,000? Sorry mate, no offset for you.
That said, not everyone’s guaranteed the $1080 tax offset. Even if you’re in the $48,000-$90,000 sweet spot, the offset simply reduces the amount of tax you’d normally have to pay. If you’re due a tax refund, then the offset will be the extra cream on top. But if you owe the government tax money, then the offset will simply reduce the amount you owe.
Want to get your hands on that sweet tax offset? Book an appointment with Colby Business Services today.