Myth busted: LMITO tax break benefits high-income households

Friday 18 February 2022

The low and middle income tax offset (LMITO) is scheduled to finish on 30 June 2022.

The LMITO provided a tax rebate of up to $1080 for singles and $2160 for dual-income couples depending on their income (see table below). It was a temporary measure implemented as part of the Morrison Government’s Stage 1 tax cuts.

The LMITO was scheduled to expire on 30 June 2021.

The full text of this article is available to MacroBusiness subscribers

$1 for your first month, then:

$24.99 / month

$249 / year

Cancel at any time through our billing provider, Stripe

About the author

Leith van Onselen is Chief Economist at the MB Fund and MB Super. He is also a co-founder of MacroBusiness. Leith has previously worked at the Australian Treasury, Victorian Treasury and Goldman Sachs.