Q. What is the Low and Middle Income Tax Offset?
A : The LMITO, is an add on tax offset that provides a reduction to the tax liability as legislated by the parliament post the budget for the FY 2019.
Q: Is the LMITO tax offset refundable?
A : No, the tax offset only reduces the amount of tax you will be paying, excluding medicare levy.
Q: Who gets the full $1080
A: Any income between 48,000 and 90,000 qualifies for the full tax offset of $1080.
Q : What would i get if I was under or above the threshold that qualifies for the full offset of $1080?
A : Please use the calculator link below and work out how much you are eligible to claim: