HOW DOES THIS BUDGET AFFECT YOUR TAX === BUDGET 2022-23 HIGHLIGHTS
INDIVIDUALS Low- and Middle-Income Tax Offset of $1080 will be increased for one year (2021-22) to $1500. The calculation will be based on income levels of everyone as explained below: Taxable income (TI) LMITO 2021-22 (current) LMITO 2021-22 ( proposed ) $0 - $37,000 $255 $675 $37,001 - $48,000 $255 + ([TI - 37,000] x 7.5%) $675 + ([TI - 37,000] x 7.5%) $48,001 - $90,000 $1,080 $1,500 $90,001 - 126,000 $1,080 - ([TI - 90,000] x 3%) $1,500 - ([TI - 90,000] x 3%) $126,001 + Nil Nil Ø Low-i Low-income tax offset for 2021-22 and 2022-23 (unchanged) Taxable income (TI) Amount of offset $0 - $37,500 $700 $37,501 - $45