With the Low and Middle-Income Tax Offset gone, prepare for lower tax refunds or higher tax bills
If your taxable income is below $126,000, please be aware that the Low and Middle-Income Tax Offset (LMITO) has ended on 30 June 2022, which will impact your tax returns for the 2022-23 financial year. This means that without the offset, your tax bill will be higher this year, resulting in either a higher tax liability or a lower tax refund during tax time.