Many Australians approach tax time with a cautious optimism, expecting that at the end of all the collating and calculating there will be some kind of refund.
But some Aussies are coming to the stark realisation that not only are they not receiving a refund for the 2022/23 financial year they actually owe the Australian Taxation Office (ATO) money.
There are many reasons for why you could be receiving a tax bill, according to the ATO.
But here are the most likely reasons for a sting in the 22/23 tax year.
The loss of the Low and Middle Income tax offset
This is likely the biggest reason why you might have been sent a bill this tax time.
Introduced in the 2018/19 budget, the Low and Middle Income tax offset (LMITO) gave those earning between $…
Read the full article at: https://www.abc.net.au/news/2023-07-24/why-do-i-owe-the-ato-money-tax-refund-return/102613736