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INTRODUCTION OF NEW TAX OFFSET FOR LOW AND MIDDLE INCOME EARNERS

A new tax offset LAMITO will be introduced from 1 July 2018 for Low and Middle income earners (Australian residents).

What is LAMITO

The Low and Middle Income Tax Offset (LAMITO) will provide an additional offset

  • Up to $200 if you earn less than $37,000,
  • if you earn more than $37,000, but less than $48,000, you will receive LAMITO of between $200 and $530
  • if you earn more than $48,000 or more and up to $90,000, you will receive maximum LAMITO of $530
  • if you earn more than $90,000 and up to $125,333, your LAMITO will gradually reduce from $530 to $1

LAMITO will only be in operation for 4 years – From 1 July 2018 until 30 June 2022. At this point, further income tax reductions will absorb the LAMITO.

 

Source: CCH (Treasury Laws Amendment (Personal Income Tax Plan) Bill 2018; Budget paper No. 2, p 33)

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