As of today 4th July 2019 the Low and Middle Income Earner Tax Offset (LMITO) has passed through Parliament and is now just waiting for the final sign off.
This was part of the incoming Governments tax cut plans. This means the tax cuts have been approved and the increase to LMITO will be backdated to the 2018/2019 year just finished. This tax time!!
What does this mean for you??🤔
Anyone that earns between $20,000 to $126,000 is eligible for some if not all of the offset.
This is not a refundable offset, so you will only get this extra offset if you have paid taxes.
If your taxable income is between $20,000 and $37,000, It may increase your refund by up to $255.
If your taxable income is between $37,000 and $48,000, It may increase your refund by an amount between $255 – $1080.
Taxable income between $48,000 and $90,000 you will receive an additional refund of $1,080.
For those earning between $90,000 and $126,000, your refund may increase by $1,080 for those earning $90,000, reducing down to $0 by the time your taxable income hits $126,000
If your taxable income is over $126,000, you are not classified as a low to middle income earner tax and are not eligible for any of the offset.
For Businesses, if you have not paid any tax yet this year but your income falls between these amounts, your tax bill will be reduced by the relevant offset amount.
This will be automatically calculated once the ATO has put it through their systems, which will be roughly 2 more weeks, all lodgements completed prior will be automatically amended!! 💰💰
You do not have to do anything to get this extra refund, Except… book your appointment now!!
What will you spend your refund on?? 💰💵💳❤️🎉✈️🛫🚕🛵🚲
Book now with Alisha or Nyssa 💰💰