Why is the tax refund this year less than the previous year?
- Aldo Yunus
- Jun 16, 2023
- 1 min read
Updated: Jun 22, 2023
The Federal Budget 2023 has ABOLISHED the $1,500 Low Middle Income Tax Offset ("LMITO").
This will be the most significant factor that reduced your tax refund this year compared to the previous year.
However, a $700 Low-Income Tax Offset ("LITO") is still available for individuals with earnings as follows:
$37,500 or less - You will receive $700
$37,501 to $45,000 - You will receive $700 less 5cents for every $1 above $37,500
$45,001 to $66,666 - You will receive $325 less 1.5cents for every $1 above $45,000
more than $66,667 - You will not be entitled to LITO (Nil)
Be prepared with your finances for the 2024 financial year.
We hope you have a great year ahead.
Happy 2024 financial year!
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