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Tax policies play a crucial role in any country's economic landscape, and Australia is no exception. In recent years, the Australian government introduced the Low and Middle Income Tax Offset (LMITO) to provide relief to low and middle-income earners.
However, as we step into 2023, this offset is set to expire. Taxpayers will no longer receive the offset on their tax returns, resulting in a potential increase in their tax liabilities. The expiration of the LMITO is part of the government's plan to simplify the tax system and reduce the number of tax brackets.
The previous relief if you qualified was for an amount between $675 to $1,500. Those who previously benefited from the offset will now face higher tax bills as this will be removed.
Remember to stay informed about the latest tax policies and leverage any available opportunities to manage your tax obligations more efficiently.
This blog has been prepared for the purposes of general information and guidance only. It should not be used for specific advice or used for formulating decisions under any circumstances. If you would like specific advice about your own personal circumstances, please feel free to contact us on 02 9411 5422. We can help make sure the right method is used to give you the maximum possible tax deduction associated with any of these methods.
