No. Deductions only reduce your taxable income. Your tax amount equals taxable income times tax rate. Thus, a tax refund increases (or tax liability reduces) by the amount equivalent to an amount of deductions times tax rate.
10 Winsome Street, TAYLOR ACT 2913
No. Deductions only reduce your taxable income. Your tax amount equals taxable income times tax rate. Thus, a tax refund increases (or tax liability reduces) by the amount equivalent to an amount of deductions times tax rate.
+ 02 6262 2779
admin@actax.com.au
Can I receive a tax refund equivalent to full amount of deductions?
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