2019 Budget - CHANGES FOR INDIVIDUAL AND BUSINESS
Low & Middle-Income Tax Offset (LMITO) Available: from 2019- 2022 years A new offset is available from 2018-19 in addition to the Low-Income Tax Offset (LITO) of $445 · It is a Non-refundable tax offset · 2019 Budget changed the maximum LMITO from $530 to $1080 per annum and Base rate from $200 to $255. So, the LMITO will increase by 7.5% after $37000 to $48000 income to make it $1080 at $48000 and then it will remain $1080 till income of $90,000 before starting to reduce by 3%.. Tax Rates for Individuals Medicare Levy The Medicare levy low-income thresholds for singles and families, as well as seniors and pensioners, has been increased from the 2018-19 income year as follows: > for singles, the threshold will be increased from $21,980 to $22,398; > for families, the threshold will be increased from $37,089 to $37,794; > for si...