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  TAX - I to ZOffsets/Rebates-Not RefundableLow and Low and Middle Income Tax Offset      Monday, 17 May 2021  

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Low / Low & Middle Income Tax Offsets (LITO and LAMITO) - Australian Residents Only


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Not refundable.  This Offset can be used to reduce tax payable, but is not refundable, nor is it available to offset the Medicare levy.

 

   
LITO is generous in 2 ways!
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  1. Unlike many other tax offsets LITO is still based on Taxable Income (unadjusted).

  2. If a taxpayer has only been an Australian Tax Resident for part of the tax year the offset is the same as if they had been a tax resident for a full year. It is not calculated pro-rata.

   
The New LITO from 2022/2023
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LAMITO – 2018/2019 TO 2021/2022 (as amended)
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LITO - 2012/2013 to 2021/2022
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2016/2017 - The real tax rates after applying LITO and the Medicare Levy
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2015/2016 - The real tax rates after applying LITO and the Medicare Levy
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2014/2015 - The real tax rates after applying LITO and the Medicare Levy
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2013/2014 and 2012/2013 - The real tax rates after applying the LITO and Medicare Levy
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2011/2012
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2011/2012 -The real tax rates after applying LITO and the Levies
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2010/2011
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2010/2011 - The real tax rates after applying LITO and Medicare Levy
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2009/2010
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2009/2010 - The real tax rates after applying LITO and Medicare Levy
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2008/2009
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2007/2008
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2006/2007
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2005/2006 & before
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This page was last edited on 4 January 2021

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