Low Income Tax Offsets – Budget 2020

Vision Direct
Sponsor ai1

Low Income Tax Offset Increase.

News in the 2020/21 Budget says that the Low Income Tax Offset (LITO) will increase from $455 to $700, and will provide up to $255 extra in tax relief.

The Government will provide low- and middle-income earners with a one-off additional benefit from the low and middle income tax offset for the 2020‑21 income year.

These offsets provide tax relief of up to $1,080 for low- and middle-income earners.

Around 10.1 million individuals will be eligible for the offset in 2020‑21.

Leave a Reply

Your email address will not be published. Required fields are marked *