Key tax and superannuation thresholds
Low income tax offset
Low income tax offset (LITO) - 2016/17
|Taxable income (TI)||Reduction in offset (RI)||Maximum offset|
|$37,001 - $66,666||(TI - $37,000) x 0.015||$445 - RI|
Note: Other offsets apply for seniors and pensioners which increases their tax-free income threshold (refer to Seniors and Pensioners Tax Offset).
"Income" for LITO purposes includes taxable income, reportable super contributions, net investment losses and adjusted fringe benefits.
Last modified: Tuesday, May 2, 2017