Tax Return Low and Middle income

Low and Middle Income Tax Offset

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Low and middle income tax offset (LMITO) ended on 30 June 2022. This means the LMITO doesn’t apply for the 2022–23 income year.

From 1 July 2022 you may be eligible for the low income tax offset only, if you earn up to $66,667.

If you’re a lower/middle income earner, your tax return outcome may be different this income year for FY23. You may have a lower refund than you might have received previously or you may even receive a tax bill.

For those that previously were eligible for the LMITO, this might mean your refund this year is up to $1,500 lower than previous returns.

If you have any queries in regards to your tax return, don’t hesitate to contact us at STS Accounting.