For everyone who qualifies for their $1,500 back – you’ll need to act fast! The low to middle income tax offset of up to $1,500 will be available for the last time for Aussies earning between $48,000 and $90,000. To claim it, all you need to do is lodge your Tax Return before 31 October 2022.
The sooner you lodge your Tax Return, the sooner your claim your tax refund. It’s simple to lodge your Tax Return online. Lodging tax online can be completed in only 5 minutes.
There are an approximate 10 million Australians with taxable income within the range making the low to middle income tax offset accessible. That’s a lot of people getting a big tax refund this year.
$1,500 is a good incentive to complete your Tax Return on time this year.
If you earn less than $48,000, you still get a reasonable tax offset. If you earn less than $37,000 you still receive $675 and it builds up to $1,500 between a taxable income of $37,000 and $48,000. It is then phased out between $90,000 and $126,000 where you don’t get any access to the low to middle tax offset at all.
Best thing is, that you don’t need to do anything extra in your Tax Return this year to claim the low to middle income tax offset – also referred to as the LMITO. All you need to do is complete an online Tax Return and then claim the tax refund back.
It’s important to note that a tax offset doesn’t give you any cash back if you haven’t paid any tax. It will just help keep your Tax Return at $0 tax payable. However, if you have paid tax, this will ensure you get a good refund this year if you fall in the right taxable income bracket.
The low to middle income tax offset is on it’s second extension now. $1,500 is the most it’s been having increased by $420 for the 2022 financial year. Just need to lodge that Tax Return now!