Your tax refund may cover those extra indulgences

If you haven’t lodged your individual tax return for the 2018/2019 year yet, then you could be eligible for a tax offset of between $255 and $1080!

It’s not very often we can say that your tax return could get you out of a Christmas and New Year debt hangover, but this is thanks to the Government’s $158bn tax cut package for low and middle-income earners.

Eligible taxpayers can receive up to an extra $1080 for singles depending on income, or up to $2160 for a couple. Remember though, it is a tax offset, which means it is automatically calculated when you lodge your tax return. So, you may get a larger refund, or a smaller tax bill, but you won’t get an extra payment into your bank.

To help you work out how much you can expect back, here is a useful tax calculator

You have until 15thMay 2020, if filing through Taxpro, to lodge your individual return.

If you have any questions, or would like to book your appointment, please give us a call on 08 9240 7629 or email Chloe, admin@taxproaustralia.com.au