The Morrison Government has successfully gotten the bill through to increase the Low and Middle Income Tax Offset (LMITO). The maximum Offset now sits at $1,080 and is available for individuals earning less than $90,000. Those earning above $90,000 and less then $126,000 will be entitled to a reduced amount.
The LMITO amount applicable for your 2019 Income Tax Returns is;
Income Offset
up to $37,000 $255
$37,001 to $48,000 $255 plus 7.5 cents for each dollar over $37,000
$48,001 to $90,000 $1,080
$90,001 to $126,000 $1,080 less 3 cents for each dollar over $90,000
LMITO rates above are from 1 July 2018 to 30 June 2022
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