In the 2019-20 Federal Budget, the Government announced its intention to change and build on the Personal Income Tax Plan. These changes are now law.
The ATO is implementing the necessary system changes so taxpayers that have already lodged their 2018-19 tax return will receive any increase to the low and middle income tax offset they are entitled to. Any tax refund will be deposited in the taxpayers nominated bank account.
Refunds for returns already lodged are expected to start to issue towards the end of next week, which is in line with the normal processing of refunds for this time of year.
Those who are yet to lodge their tax return will have any offset they are entitled to taken into account during the normal processing of their return.
The amount of the offset you may be entitled to, and the amount of any refund will differ for everyone depending on individual circumstances such as your income level and how much tax you have paid throughout the year.
For more information, including information on the amount of Low and middle income tax offset you will be entitled to, visit Lower taxes for hard working Australians: Building on the Personal Income Tax Plan.
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