What is a refundable tax offset?
Most tax offsets can only reduce the amount of tax you pay to zero - that is, if your tax offsets are greater than the amount of tax you are liable to pay, you do not get a refund of the excess amount. However, there are some exceptions to this general rule. These exceptions are classed as refundable tax offsets. Refundable tax offsets can reduce the amount of tax you are liable to pay to an amount less than zero, which results in a refundable amount. The NRAS tax offset is a refundable tax offset.