Hi all Simple question I want answered is these $1080 tax cuts or $540 whatever it ends up being. Does that mean we literally get that amount in our tax returns as extra money or does it mean our taxable income is reduced by that amount? Cheers
When the government reduces the tax rates for your income bracket, it means that your employer takes a lower amount out of your pay packet to pay the income tax every pay cycle. A $1080 tax cut is delivered to you by your employer depositing an extra $41.54 into your account every fortnight. My suggestion is to set up an automatic transfer to your home loan or savings account every pay period, otherwise it will disappear into the bottomless pit called life.
It depends upon the personal taxable income. Its a supposed reduction in tax scales and tax payable for low to middle income earners hence a refund, not a deduction. The first element of the tax cut is $530 and a second amount is not yet law (announced in the election). When you lodge, the ATO will assess a lesser amount of UP TO $530 and it may reflect as an enhanced refund. When the second part becomes law the ATO will amend the return and an amended notice issued and a additional refund will occur for eligible taxpayers
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