Money Doesn’t Come Without Guidance ...
Tax Offsets or Rebates are not same as the tax deductions. It directly reduces the tax payable. Usually, offsets cannot get us refund on their own, but can reduce our tax payable to zero. The tax offset works in the following way:
Tax on TAXABLE INCOME – TAX OFFSETS = TAX PAYABLE
In order to be granted for tax offset there are few situations, which may include:
Tax offset is legal and as a result the Internal Revenue Service (IRS) can lawfully withheld our tax refund. There has to be valid reasons to challenge the tax offset, those challenges may include the following:
Also following are the factors that we can follow to prevent tax offset: