J.A.P TAXATION

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 single seniors and pensioners, the threshold will be increased from $34,758 to $35,418; &g