[vc_row css_animation=”” row_type=”row” use_row_as_full_screen_section=”no” type=”full_width” angled_section=”no” text_align=”left” background_image_as_pattern=”without_pattern”][vc_column][vc_empty_space height=”15px”][vc_video link=”https://www.youtube.com/watch?v=rR3uj9jfiU8″ el_width=”80″ align=”center”][/vc_column][/vc_row][vc_row css_animation=”” row_type=”row” use_row_as_full_screen_section=”no” type=”full_width” angled_section=”no” text_align=”left” background_image_as_pattern=”without_pattern”][vc_column][vc_empty_space height=”15px”][vc_column_text]Attention low and middle-income earners with taxable income below $126,000: The Low and Middle-Income Tax Offset (LMITO) has ended as of 30 June 2022, which will affect your tax returns for the 2022-23 financial year. This means that without the offset, your tax bill will be higher this year, resulting in either a higher tax liability or a lower tax refund during tax time.
The LMITO spanned over the previous four financial years, and in the 2022-23 federal budget, it gained a boost by $420 for the 2021-22 income year, referred to as the one-off $420 cost of living tax offset. However, the Treasurer has confirmed that the LMITO will no longer continue for the 2022-23 income year, affecting over 10 million middle-income Australians and increasing their tax burden. Unfortunately, this comes at a time when many are facing rising living expenses such as mortgage rates, rent, and other expenses.
It’s important to note that the LMITO is not a cash refund but rather a tax offset that reduces the amount of tax you need to pay on your taxable income. Please refer to the table below to determine the amount of offset you could have received for the previous financial year (2021-22), based on your taxable income. Remember that this offset amount will not be applied to your current year’s (2022-23) tax obligation as it has ceased to exist.[/vc_column_text][vc_empty_space height=”20px”][vc_raw_html]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[/vc_raw_html][vc_column_text]*Note: If your taxable income is $126,000 or more, you will not receive the LMITO.
For more information about the LMITO, please visit the ATO:
https://www.ato.gov.au/Individuals/Income-and-deductions/Offsets-and-rebates/Low-and-middle-income-earner-tax-offsets/#Lowandmiddleincometaxoffset[/vc_column_text][vc_empty_space height=”25px”][vc_single_image image=”39243″ img_size=”full” alignment=”center” qode_css_animation=””][vc_empty_space height=”25px”][qode_elements_holder number_of_columns=”one_column”][qode_elements_holder_item advanced_animations=”no”][ucaddon_blox_btn_group_gradient_regular_addon uc_items_data=”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” uc_fonts_data=”JTdCJTdE”][/qode_elements_holder_item][/qode_elements_holder][vc_column_text]Should you require any additional assistance please don’t hesitate to contact us.[/vc_column_text][vc_column_text]
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