Newspaper article The Observer (Gladstone, Australia)

How Big Is Your Tax Refund?

Newspaper article The Observer (Gladstone, Australia)

How Big Is Your Tax Refund?

Article excerpt

AT THIS time of the year there's still lots of talk about tax refunds, and often it's a competition about "whose is bigger"!

However, it often surprises us how many people have no idea how their refund is calculated or what they should expect from their tax refund.

And recently we've seen first-hand the potential problems that arise when you simply apply "the biggest is best" principle.

Let me explain some basic tax facts:

You can only get a refund if you have paid tax during the year. Some obvious examples of paying tax during the year include: where your employer has deducted tax from your wages, or the bank has withheld tax from your interest income, or you receive franked dividends (which gives you a tax credit for the tax paid by the company who paid you the dividend).

If you have not had any tax deducted from your income, then you cannot receive a tax refund. You can't get back more tax than you have paid, same principle as I mentioned above, but with a slight variation. …

Search by... Author
Show... All Results Primary Sources Peer-reviewed

Oops!

An unknown error has occurred. Please click the button below to reload the page. If the problem persists, please try again in a little while.