Australians looking for some cost-of-living reprieve in the form of a healthy tax return have been disappointed to receive a pittance compared with what they were hoping for. 7NEWS
have been disappointed to receive a pittance compared with what they were hoping for.
Someone posted a forlorn selfie with the caption: “Me after seeing my estimated tax return but it says ‘money owing’ rather than ‘money owed’.”the end of the low and middle-income earner tax offsets The scheme ran from 2019 and 2022 and gave Australians earning up to $126,000 a tax-time boon of up to $1500.“During COVID, that offset was extended, so people got that extra bump in their tax return refunds,” CPA Australia head of policy and advocacy Elinor Kasapidis told 7NEWS.com.au.
So why would a person owe the ATO? It’s mainly because they are unknowingly pushed into a higher tax bracket throughout the course of the financial year, RMIT finance associate professor Angel Zhong said.“If that then puts you in a higher tax bracket, compared with your tax deducted in your fortnightly pay, you owe the ATO money.”Other reasons could be that someone picks up other sources of income, such as rideshare driving, or makes capital gain by selling cryptocurrency at a profit.
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