“You only receive the low and middle income tax offset when you lodge this year’s return,” H&R Block’s Mark Chapman said.So how do you get it? Well, most importantly you need to be one of the 10 million people believed to be in that bracket and, secondly, if you haven’t already done so, you need to get your tax return in before the fateful Halloween date hits.
The offset scheme, which has been extended twice during the pandemic, has been increased by $420 to the maximum of $1500 for those in the magic $48,000 to $90,000 bracket for the 2021-22 financial year.“If you earn between $37,000 and $48,000 the offset will increase up to a maximum of $1500.” But for those who earn more than $90,000, the offset is gradually phased out. If your earnings go over $126,000 you won’t get any offset on your tax at all.
However, the Australian Taxation Office has emphasised that the offset - also known as the LMITO - is not a cash refund. “The offset can only reduce the amount of tax you need to pay to $0, and if there is any offset remaining you will not receive that amount as a cash refund,” it says on its“You do not need to complete anything extra in your tax return to receive the offset – we work out the amount for you. If you’re eligible, the offset will automatically apply and display on your notice of assessment.”
What a ridiculous article. The LMITO offset won’t disappear after 31/10. It will be included in your assessment no matter when you lodge your 2022 tax return
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