After we have processed your tax return, we will issue you with a notice of assessment. This will tell you if you are entitled to a refund, or if you have a tax debt to pay.
To understand how your refund or tax liability is calculated, follow these steps:
work out if your taxable income is correct (the assessable income you earned minus deductions)
add up the amount of tax payable on that amount of income (tax on taxable income, plus Medicare levy and Higher Education Loan Programme/Student Financial Supplement Scheme repayments), and
deduct any offsets from your tax payable, and then the tax already paid (amounts withheld by your employer and paid on income activity statements).
If there is an amount left over, this is refunded to you.
If there is an amount outstanding, this is your tax debt amount payable.
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