Low Income Tax Offset (LITO)
Low Income Tax Offsets reduce your tax payable $1 for $1. The amount you are eligible for is determined by your taxable income (how much you earn).
2023-2024
| Income | Offset |
|---|---|
| $0 to $37,500 | $700 |
| $37,501 to $45,000 | $700 less 5% of each dollar over $37,500 |
| $45,001 to $66,666 | $325 less 1.5% of each dollar over $45,000 |
| $66,667+ | nil |
Previous Years
2022-2023
Same as previous year.
| Income | Offset |
|---|---|
| $0 to $37,500 | $700 |
| $37,501 to $45,000 | $700 less 5% of each dollar over $37,500 |
| $45,001 to $66,666 | $325 less 1.5% of each dollar over $45,000 |
| $66,667+ | nil |
2021-2022
Same as previous year.
| Income | Offset |
|---|---|
| $0 to $37,500 | $700 |
| $37,501 to $45,000 | $700 less 5% of each dollar over $37,500 |
| $45,001 to $66,666 | $325 less 1.5% of each dollar over $45,000 |
| $66,667+ | nil |
2020-2021
Updated rates for 2020-2021.
| Income | Offset |
|---|---|
| $0 to $37,500 | $700 |
| $37,501 to $45,000 | $700 less 5% of each dollar over $37,500 |
| $45,001 to $66,666 | $325 less 1.5% of each dollar over $45,000 |
| $66,667+ | nil |
2019-2020
Same as previous year.
| Income | Offset |
|---|---|
| $0 to $37,000 | $445 |
| $37,001 to $66,667 | $445 less 1.5% of each dollar over $37,000 |
| $66,667+ | nil |
2018-2019
Same as previous year.
| Income | Offset |
|---|---|
| $0 to $37,000 | $445 |
| $37,001 to $66,667 | $445 less 1.5% of each dollar over $37,000 |
| $66,667+ | nil |
2017-2018
Same as previous year.
| Income | Offset |
|---|---|
| $0 to $37,000 | $445 |
| $37,001 to $66,667 | $445 less 1.5% of each dollar over $37,000 |
| $66,667+ | nil |