Low and Middle Income Tax Offset (LMITO)
Low and Middle Income Tax Offsets are temporary for the tax years 2019-2022. It is dependent on the next Australian budget whether this will carry on. Previous rates are below.
2023-2024
| There is no Low and Middle Income Tax Offset (LMITO) for the 2023-2024 financial year. |
Previous Years
2022-2023
| There is no Low and Middle Income Tax Offset (LMITO) for the 2022-2023 financial year. |
2021-2022
Updated rates for 2021-2022.
| Income | Offset |
|---|---|
| up to $37,000 | $675 |
| $37,001 to $48,000 | $675 plus 7.5 cents for each dollar over $37,000 |
| $48,001 to $90,000 | $1,500 |
| $90,001 to $126,000 | $1,500 less 3 cents for each dollar over $90,000 |
| $126,000+ | Nil |
2020-2021
Same as previous year.
| Income | Offset |
|---|---|
| up to $37,000 | $255 |
| $37,001 to $48,000 | $255 plus 7.5 cents for each dollar over $37,000 |
| $48,001 to $90,000 | $1,080 |
| $90,001 to $126,000 | $1,080 less 3 cents for each dollar over $90,000 |
| $126,000+ | Nil |
2019-2020
Same as previous year.
| Income | Offset |
|---|---|
| up to $37,000 | $255 |
| $37,001 to $48,000 | $255 plus 7.5 cents for each dollar over $37,000 |
| $48,001 to $90,000 | $1,080 |
| $90,001 to $126,000 | $1,080 less 3 cents for each dollar over $90,000 |
| $126,000+ | Nil |
2018-2019
First year of LIMTO.
| Income | Offset |
|---|---|
| up to $37,000 | $255 |
| $37,001 to $48,000 | $255 plus 7.5 cents for each dollar over $37,000 |
| $48,001 to $90,000 | $1,080 |
| $90,001 to $126,000 | $1,080 less 3 cents for each dollar over $90,000 |
| $126,000+ | Nil |