To support household income and create more jobs, the Government will deliver an additional $7.8 billion in tax cuts by retaining the low and middle-income tax offset (LMITO) in 2021-22.
This is on top of the $25.1 billion in tax cuts announced in previous Budgets that is expected to flow to households in 2021-22. Around 10.2 million individuals will benefit from retaining the offset in 2021-22, which is worth up to $1,080 for individuals or $2,160 for dual-income couples.
With the additional year of the LMITO, the Government’s Personal Income Tax Plan will deliver total tax cuts of up to $7,020 for individuals and up to $14,040 for couples, in total over the period 2018-19 to 2021-22.
🔗 To download the Budget 2021-22 Tax Incentives Factsheet, please click here.
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