Buying a home can be one of the most exciting times, but let's face it…
When lodging your 2023 tax return you may notice that your tax outcome may be different than in previous years. Your refund may be lower or you may receive a tax bill.
Your tax return outcome may change for any of the following reasons:
- A tax offset you received previously is no longer available or you are no longer eligible for an offset. The low- and middle-income tax offset ended on 30 June 2022.
- Your credit or refund has been offset against another debt – including debts on hold with the ATO or debts you have with other government agencies.
- Your income or deductions for the income year are different from previous income years.
- The ATO may have found a difference between the details in your tax return and the information the ATO receives through pre-fill data or their data-matching program.
- You may not have advised your payer of your study or training support loan and your income is above the minimum repayment threshold and you have a compulsory repayment amount.
Some debts are not applied to your tax return until after it has been lodged. This means your tax estimate may not match your final tax outcome.
It’s still important to lodge your tax return and pay any amount owing on time and in full even if you believe you will get a tax bill. If you can’t pay your debt on time and in full, you can contact the ATO or our office to arrange a payment plan.
For more information go to the ATO website.