The proposed changes to the low and middle income tax offset (LMITO) announced in the recent Federal Budget are now law. From the 2018–19 income year:

The LMITO increases from a maximum amount of $530 to $1,080 per annum and the base amount increases from $200 to $255 per annum.
Taxpayers with a taxable income:
- of $37,000 or below can now receive a low and middle income tax offset of up to $255
- above $37,000 and below $48,000 can now receive $255, plus an amount equal to 7.5% to the maximum offset of $1,080
- above $48,000 and below $90,000 are now eligible for the maximum low and middle income tax offset of $1,080
- above $90,000 but is no more than $126,000 are now eligible for a low and middle income tax offset of $1,080, less an amount equal to three per cent of the excess.

Get in touch today to claim your LMITO and for all your individual tax needs.