The Government’s personal tax cuts are now law! This could mean an extra refund of up to $1,080 on your 2019 tax return.
Governments love lengthy acronyms. This one is called LMITO which stands for ‘Low and Middle Income Tax Offset’. This tax rebate is only available through your tax return. Not everyone is entitled to the maximum $1,080. The rebate depends upon your income as follows:
If you have already lodged your tax return, don’t despair. The ATO are automatically amending your return and issuing you with the additional refund.
If you haven’t lodged your tax return, you’d better get cracking!
For future reference, the tax rebate will be available for the years 2019 through to 2022. Other tax cuts will kick in from 1 July 2022 as follows:
Further tax cuts from 1 July 2024 are:
If you have any further questions or would like to book an appointment to get your tax done for the 2019 year please call 03 9778 3245 or email via contacts page.
The ATO have some further information on this tax offset which you can read here.