ATO TAX REFUND_ ATO tax refund: How to get your bonus $1080 in the next two weeks

NEWS.COM.AU

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ATO tax refund: How to get your bonus $1080 in the next two weeks

ScoMo’s tax handouts have officially passed, meaning millions of us are about to get paid. This is how you can get it within two weeks.

James Hall @James_P_Hall
news.com.au July 11, 20191:45pm



Australians are keen to get their hands on the bolstered tax return. Source:Supplied


We now know the perfect monetary incentive to get Australians to complete tedious chores such as a tax return. About $1000 should kick us into action.

The Australian Taxation Office had 88 per cent more tax returns lodged on Monday than at the same point last year, with the recently passed lower to middle income tax break spurring people to get organised.

The Coalition government’s $158 million tax cuts package was passed through the Senate with bipartisan support late last week. It means those earning between $48,000 and $90,000 will be gifted an offset of $1080.

“A lot of people have been getting their tax returns in early. There’s been a big spike in tax returns launched compared to last year and clearly the main reason for that is the tax offset,” H&R Block tax expert Mark Chapman told news.com.au.


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So, what’s the fastest way you can get your bolstered tax return so you can book that midwinter break?

“It’s quite simple, you just lodge a tax return,” Mr Chapman said.

The ATO will typically send out a cheque two weeks after lodgement, but the H&R Block tax expert says this can also be processed within a few days.

“That offset will either boost the size of your refund if you’re in a refund position, or if you have a tax bill then you will reduce the amount of tax you’ll actually have to pay,” Mr Chapman said.

“Make sure you’ve got all of your income information, so the information from your employers, banking interest you might have received, dividends.

“Basically, any income you’ve got, make sure you’ve got it.”


WHO GETS THE TAX BREAK?

More than 10 million workers will receive a tax offset to some degree, while around 4.5 million will score the full lump sum. Under the package, all low and middle income earners making less than $126,000 a year will qualify.

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READ MORE: https://www.news.com.au/finance/money/tax/ato-tax-refund-how-to-get-your-bonus-1080-in-the-next-two-weeks/news-story/d9944a5ab3a34db5dabae295e92d437e


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