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ATO interest overpaid
I did my 2020-24 tax and I claimed “other deductions” so I would be below $1820 tax threshold. I received a cheque for $1700 from the ATO saying I received interest on over payment for income for that period. On the back it details what “Credit interest” means. It states that credit interest is payable for over payment and delayed refund interest. It also says any credit interest received is assessable income and must be included in my tax return for the year it’s paid to me. Question – Is this a trap so If I bank it then it will come back to bight me? I have no reason to get this cheque in the first place.
Just looing into it a bit more. My employer pays me part of the wage through PAYG and part as sole trader. I just looked up what the withholding tax for PAYG part and it matches within $1.28 so I think it is a win.
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There’s a Q and A on tonight you could ask there?… ..https://solutionsempowerment.org/event/general-qa-september-18/
solutionsempowerment.org
General Q&A: September 18 – SolutionsEmpowerment.org
General Q&A: September 18 – SolutionsEmpowerment.org