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Diane
Lv 6
The increase in the tax free threashhold?
The new increase in the tax free threashold, will I get that back this year, or next with my tax assessment
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- dakkyLv 59 years agoFavorite Answer
The new threshold of $18k commences 1 July 2012 (i.e. the 2013 year). Therefore it will affect your 2013 income tax return. However, you will notice your amounts of tax withheld from 1 July 2012 will be in line with the new threshold. Depending on your income you will not necessarily "get it back".
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