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Key tax and superannuation thresholds

Low income tax offset

Section: 3.2

Low income tax offset (LITO) - 2016/17

Taxable income (TI) Reduction in offset (RI) Maximum offset
$0 -$37,000 Nil $445
$37,001 - $66,666 (TI - $37,000) x 0.015 $445 - RI
$66,667+ $445 Nil

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