Government to Extend LMI Tax Offset
April 27, 2021
Workers to keep $1,080 tax rebate for another year.
The AFR has reported that the govenment plans to extend the Low and Middle Income Tax Offset (LMITO) when the federal budget is handed down in two weeks time.
The LMITO provides a tax rebate of up to $1,080 for singles and $2,160 for dual-income couples depending on their income. It was initially introduced as a temporary measure, implemented as part of the Morrison Government’s Stage 1 tax cuts.
However with the economic pressure of COVID-19, the government will extend the offset in an effort to create tax refunds and stimulate spending. The budget cost of the extended rebate is around $7 billion.
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