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Tax Offsets
Almost all of the tax offsets available in prior years have been drastically reduced, or abolished. These are as follows: Low-income tax offset The Low income tax offset reduces the tax payable by low income earners. You are not eligible for the LITO if your income is over $66,667. Changes are: The maximum value of…
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Personal Taxation – Income Rebates
Currently any taxpayer earning less than $16,000 pays no tax due to the application of the low income rebate of $1,500. However from 1 July 2012, this threshold increases to $18,200 and for low income earners, the low income tax rebate (which has been reduced from $1,500 to $445) means that a taxpayer earning less…
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