We’ve had a lot of questions about the extra $1,080 being given to taxpayers for the 2019 FY. Is this applicable to me? Has this been included in my tax return? When will I receive it?
This tax offset is called the Low and Middle Income Tax Offset (LMITO) and has been front and centre in the media over the last few weeks.
You will be entitled to the full amount of the LMITO ($1,080) if your taxable income is between $48,000 and $90,000. If your taxable income falls outside of this bracket, the amount of LMITO you’re entitled to receive will be adjusted accordingly. For example if you earn $37,000 or less, you will only receive an offset of $255.
When your tax return is prepared, it will automatically be factored into your tax refund/payable amount, it is not something you will receive ON TOP of your tax assessment.
If you have any questions in regards to the LMITO that we can assist with, please contact our office on 02 4268 0070.