The budget announcement earlier this month, confirmed low-middle income earners will receive a temporary tax offset for another 12 months, as part of a plan to boost confidence in the economy.
The Low-Middle Income Tax Offset (LMITO) – first introduced in 2018-19 – provides Australians earning between $37,500 and $126,000 with a tax offset of up to $1080.
What this means is that those people have an extra $1080 in their pockets come the end of financial year – for most, a welcome boost. For many Australians the offset will provide them with some much needed support and provide a strong opportunity to take beneficial action on their personal finances.
MyState’s top tips to help maximise the LMITO