If you had a tax debt, prior to filing for Chef Unknown Pleasures shirt, the Australian Taxation Office (ATO) keeps so much of your refund (and future refunds) necessary to discharge that particular debt, but only whilst you remain bankrupt. If the debt is paid out through this process, prior to the end of your bankrutpcy, you keep the balance. A credit card company cannot seize your tax refund just because you owe them money. In order to take such action, they would need to sue you and get a legal judgment against you as-well-as a court order to seize assets and your tax return. Once they have done that they notify you that they have corrected your error and advise you as to the correct amount of taxes you owe be that more or less then that you had reported on your return. If you understated your income when you applied and received a larger tax credit than your should have, then your refund would be lower but that’s a function of improper filing.
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Everybody should pay some taxes to support our government. That is one of the big problems is that Chef Unknown Pleasures shirt. I read something that showed the income tax burden and the bottom 50% of filiers basically pay no income tax. 50% would seem like the logical definition of middle class. I scratch my head when I hear about tax breaks for the low and middle income. Dont understand how gov gives a tax break to someone who pays no income tax. Strange concept. Or rather, request it through an expansive bureaucratic process that has been quasi functional so far. A tax “refund” is the number of tax dollars you overpaid over the year, which the IRS helpfully manages, and then gives back to you once you correctly fill out all of the forms and formulas proving to them that it’s your money and you would like it back now. Probably. I mean, do you really want the government to manage your money? It’s no conspiracy theory to think that there could come a time that the IRS doesn’t return your money to you in a timely manner when you ask for it. Stranger things have happened.