Sign in Contact

Sponsored Links

What is Low Income Tax offset (LITO)?

Tax Calculators by iCalculator, Low Income Tax offset explained and calculated: Tax made easy

The Low Income Tax Offset (LITO) is a tax rebate provided by the Australian government for individuals on lower incomes.

LITO provides individuals who earn less than a specific earning threshold with a tax rebate. The LITO tax threshold and LITO tax rebate amount are set by the Australian Government and can vary each year.

LITO is gradually phased out as individuals earn more, the aim being to allow a steday decrease in the tax rebate so that workers do not suffer financially for earning more. the phased out approach for LITO also ensures that people are motivated to work and earn more and not caught in a financial earnings trap.

You can calculate how Low Income Tax offset can affect your tax payments and salary calculation here, simply select the advanced tax calculator and enter your Low Income Tax offset details

Want to share more about LITO Plans?

Contact us if you would like to expand on the Low Income Tax offset information shown or share your personal experiences of Low Income Tax offset. If you are a website owner, Independent Financial Advisor etc, we will provide a link back to your website in recognition of your support.

People who read this also viewed: