Individual Tax
We want to make your individual tax return a breeze while producing you the greatest results possible our team can help with your:
Individual income tax
Capital gains tax
Sole trader business income and GST
Investments, shares, managed funds, rental property
Overseas investments
Australian tax residency tests and Foreign Residents
Personal Services Income
Current Tax Offsets
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Low Income Tax Off Set
From 1 July 2020, the maximum amount of the LITO will increase from $445 to $700.
The LITO will be withdrawn at the rate of 5 cents per dollar for taxable incomes between $37,500 and $45,000, and 1.5 cents per dollar from $45,000 to $66,667. -
Low and Middle Income Tax Offset
The LMITO applies to taxable incomes up to $126,000. The minimum offset is $255 for taxable incomes of $37,000 or less.
The maximum offset is $1,080 for taxable incomes between $48,001 and $90,000.
The LMITO will be retained for 2020–21 and 2021–22.
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