Tax Free threshold and Income

If your income is $18,200 or less:

If taxpayers are really sure about their income which is $18,200 or less, you are entitled to claim a tax free threshold from each payer.

In some scenarios, you claimed a tax free threshold but after that your total income will increase and it will be more than $18,200, you will need to provide a withholding declaration to ATO and ask about stopping claiming the tax free threshold for a particular year.

If your income is over $18,200 and too much tax is withheld

If you have more than two jobs and your income is also more than $18,200 with too much withheld amount, you may apply to reduce your tax liability towards ATO.Taxpayer need to complete and lodge a PAYG withholding variation application with ATO.

Once ATO receives your application, ATO will calculate the difference amount and let us know with new instructions of withholding the amount of tax.

You can only apply for a variation amount by the current withholding rates by ATO.

For more information on online tax return 2020, Tax Return 2020, myGov 2020, myTax 2020 or any other tax related matter, please call our professional accountant on 1300 768 284 or you can email us at enquiry@taxrefundonspot.com.au

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