From 1 July 2022, individuals may be eligible for the Low Income Tax Offset (LITO) if they earn up to $66,667.
This means that if your spouse is not employed, it’s worth considering an income-splitting approach.
However, it’s important to note that the Low and Middle Income Tax Offset (LMITO) ended on 30 June 2022.
This means that the LMITO no longer applies for the 2022-2023 income year onwards.
Note: This information is for general guidance only and may not suit your individual circumstances. Please consult a qualified professional before taking action.
