Government $1080 Tax Cut: How much are you entitled to claim on your tax return 2019?

Most people are getting Good Tax refunds this year with the up to $1080. Our software will calculate exactly how much of the $1080 you will recieve along with your tax refund 2019.
But a common question asked is as to what is the eligibility of the the $1080 Tax break 2019 and who would get how much of the total amount.

How much will I get?

Between $255 and $1,080, depending on how much you earn you’ll get it almost immediately –

If you earned:

Under $37,000 – you will get $255 back.
​Between $37,000 and $48,000 – $255 back plus 7.5% of what is over $37,000 (so that’s between $255 and $1,080).
Between $48,000 and $90,000 – $1,080 back, flat. No calculations needed.

Between $90,000 and $126,000 – $1,080 back but minus 3% of what is over $90,000 (so between $1,080 and $0).

Over $126,000 – zero.

For exact calculated amount please visit our office in Campsie and we will calculate that with your tax. Our Phone number 02 97872155

Another important question that we get commonly asked is – Why i am being taxed differently from someone else? Why is my refund more or less then someone else? How do we get a full tax refund?

One of the reasons for such varied tax refunds based on different individuals is the amount of deductions being claimed by them in their tax refund. And at ABAS Campsie we endeavour to get you the best tax refund keeping in mind the latest ATO conditions and regulations.
But one of the major contributors to your tax refund is how you are taxed by your employer and what Tax bracket you belong to. Depending on your income one can fall into different tax brackets and pay different tax rates – higher or lower. For your convenience below is the Tax threshold table.

Resident tax rates 2019–20

Resident tax rates 2019–20
Taxable income Tax on this income
0 – $18,200 Nil
$18,201 – $37,000 19c for each $1 over $18,200
$37,001 – $90,000 $3,572 plus 32.5c for each $1 over $37,000
$90,001 – $180,000 $20,797 plus 37c for each $1 over $90,000
$180,001 and over $54,097 plus 45c for each $1 over $180,000

The above rates do not include the Medicare levy of 2%.

LEAVE REPLY

Your email address will not be published. Required fields are marked *