The Low and Middle Income Tax Offset (LMITO) has ceased

In recent years, income tax payable by individuals has been reduced by the LMITO, an offset introduced by the government in 2019. This offset will cease after the 2022 financial year and the government has not announced any plans to reinstate it.

Starting from the 2023 financial year, Individuals should be aware that their tax refunds may be lower than previous years.