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m13

Forums

Britz in Oz for British Expats :: Forums :: Specific Migration Topics :: Taxation
 
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Low Income Tax Offset
Moderators: Admin, ABCDiamond, Advertising, email, Sponsors
Author Post
Admin
Thu May 13 2010, 08:14PM
admin


Registered Member #1
Joined: Wed Jan 30 2008, 10:05AM
Location: Queensland
Posts: 371
The low income earners in Australia, as well as paying no tax on the first $6,000 of income, receive what is called a "Low Income Tax Offset" (LITO) rebate, normally at the end of the year, once they have submitted their tax return.

For the 2009-10 tax year, this was worth $1,350 to the lowest paid, meaning that those earning under $15,000 will pay no tax.

The value of the LITO reduced until at an income of $63,750 in 2009-10, the amount became ZERO.


In 2010-11 the offset increases to $1,500 and this means that meaning that those earning under $16,000 will pay no tax.
This offset will be reduced until at an income of $67,500 in 2010-11, it becomes ZERO.

The reduction in the rebate applies at a rate of 4 cents per dollar earned.

More on Income Tax in Australia at:
Click here for link

.


[ Edited Fri May 14 2010, 06:48PM ]
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