Low & Middle Income Cost of Living Tax Offset Increase
Low & Middle Income
Cost of Living Tax Offset Increase
From 1 July 2021 to 30 June 2022

 

The low and middle income tax offset (LMITO) currently provides a reduction in tax of up to $1,080 for individuals with a taxable income of up to $126,000.
The tax offset is triggered when a taxpayer lodges their 2021-22 tax return.

For the 2021-22, the LMITO will be increased by $420 which means that the proposed new rates for individuals are as follows:

 

Got a question? Contact us on (08) 8224 0066 or [email protected] 

 

PDF VERSION: Low & Middle Income Cost of Living Tax Offset Increase

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