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LMITO

Guide to Low and Middle Income Tax Offset (LMITO)

中低收入所得税抵扣$1080

我们最近碰到很多报税人士对政府的额外中低收入所得税抵扣1,080澳元有所疑问。虽然在我们之前的2019联邦预算的税务分析中有提及过这个新税法,但是这篇文章将对此做详细的解释,希望可以帮助大家对这条新税法的理解。首先,该中低收入所得税抵扣并不意味着每个人在提交所得税申报单后就能自动从政府那获得1,080澳元退税。那么,中低收入所得税抵扣到底是什么呢?

2018年7月1日起

低收入和中等收入所得税抵扣 (LMITO) 在2018-19年的联邦预算中首次被提出,为那些应税收入低于125,333澳元的人提供税收优惠。最近的税法修改将中低收入所得税抵扣由530元增至1,080元,并将最低所得税抵扣由200元增至255元,并将最高应税收入限额由125,333元增至126,000元,使更多纳税人可享有中低收入所得税抵扣。

首先要记住的是,这是一个税收抵扣, 你需要欠税来抵扣税款。而且,如果你欠税,抵扣将首先用于减少你的欠税。这不是现金返还——ATO在其网站上煞费苦心地指出这一点:“这并不意味着你会在纳税申报单上可以得到额外的1080澳元。”

注意,该所得税抵扣只适用于2018-19、2019-20、2020-21和2021-22收入年度。因此,如果你有资格获得抵扣,它将适用于你上一个财政年度(2018-19)的应纳税收入,请在递交你的报税单前检查你是否有中低收入所得税抵扣(LIMTO)这一项。请看下表判断是否适用于你。

应纳税所得额* 抵扣最低额 抵扣最高额
<$37,000 $255 $255
>$37,000 – <$48,000** $255 $1,080
>$48,000 – <$90,000 $1,080 $1,080
>$90,000 – <$126,000*** $0 $1,080
$126,000+ $0 $0

*你的应纳税收入是你的收入扣除你的抵税项后的收入,而不是你的工资。

**抵扣额计算为$255,加上超出$37,000部分的7.5%,直至最高抵扣额$1,080。

***抵扣额计算为$1,080,减掉超出$90,000以上部分的3%, 直至0。

举例,如果你在2018-19年度应纳税收入:

  • 少于21,885澳元,即使你有255澳元的中低收入所得税抵扣可以用,但是如果你不需要缴纳个人所得税,你仍然不可以使用该所得税抵扣。
  • 4.5万澳元,您将获得855澳元的所得税抵扣 (255澳元,加上37000澳元至4.5万澳元之间的每澳元的7.5%,在本例中为8000澳元)。你也可能有资格获得低收入所得税抵扣(LITO),见下文。
  • 8.5万澳元,您将获得1080澳元的所得税抵扣。

中低收入所得税抵扣(LMITO)是在现有的低收入所得税抵扣 (LITO) 的基础上增加的。低收入所得税抵扣适用于那些应纳税收入低于66,667澳元的人。最高抵扣额为445澳元,适用于应纳税收入为37,000澳元或以下人士。收入在37,000和66,667澳元之间的人士,每增长一澳元的应纳税收入抵扣额将减少1.5分。同样,低收入所得税抵扣(LITO)是一种税收抵扣,用来减少你所需缴纳的税款。如果你不需要缴纳个人所得税,你也不会收到现金退税。

2022年7月1日起

2022年7月1日起还将有以下变更:

  • 所得税税率起征点变化——19%的个人所得税起征点将增加到4.5万澳元(目前为3.7万澳元),有效地为所有年收入超过1.82万澳元的纳税人提供了减税。该项税率起征点的变化只适用于居民纳税人和工作旅游签证者。
  • 低收入税收抵扣(LITO)增加——对于应纳税收入低于66,667澳元的人,LITO基本税额将从445澳元增加到700澳元。然而,低收入税收抵扣(LITO) 的削减速度将比目前的更快,超过37,500澳元的金额将减少5%直到45,000澳元的金额,之后将减少1.5%至66,667澳元。

这些变化是基于假定政府不会在未来预算中对现有的所得税进行其他调整。

2024年7月1日起

从2024年7月1日起,32.5%的边际税率将下调至30%,适用的纳税人数目亦会增加,最高限额由12万元增至20万元。税率的变化适用于居民纳税人和工作旅游签证者。再一次,这些计划中的税率和门槛的变化是基于假定政府不会在未来的联邦预算中进行调整。

皮特马丁(PittMartin)会计师事务所是一家提供税务,会计,生意咨询, 自管养老金及审计等综合性服务的经澳洲会计师公会认证的注册会计师事务所。我们每年会花上百个小时去研究新的税法,以保证我们的客户可以最大化合理避税。我们的中文联系方式是 Robert Liu +61292213345 或邮件 robert@pittmartin.com.au。皮特马丁(Pitt Martin)会计师事务所坐落在交通便利的悉尼市市中心。

本文内容仅供参考,不构成对任何个人或团体的具体情况而形成建议。任何个人或团体应该在征求专业人士的意见后方可采取行动。由于税法的时效性,我们在发布时已致力于提供及时、准确的信息,但不能保证所称述的内容在今后任然可以适用。转发该文内容请注明出处。

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Guide to Low and Middle Income Tax Offset (LMITO)

Guide to Low and Middle Income Tax Offset (LMITO) of $1,080

We have received questions from our taxpayers wanting to know the recent tax relief of $1080. Although the immediate relief has been introduced in the 2019 Federal Budget, this article will explain in more detail aiming to provide you with a better understanding about this tax cuts. Firstly, tax offset of $1080 will not automatically come to you when you lodge your tax return. So what is the Low and Middle Income Tax Offset?

From 1st July 2018

The new LMITO was firstly introduced by the federal government as part of 2018-19 Federal Budget, which helps low and middle income earners (taxable income is at or below $125,333) lowers the amount of tax they need to pay. The new LMITO increases from a maximum amount of $530 to $1080 and the base amount increases from $200 to $255 per annum. The maximum threshold increased from $125,333 to $126,000 to ensure tax relief will be delivered to more taxpayers.

First thing to remember is that the LMITO is a tax offset. It can only be used to lower the amount of tax that you owe and not to generate a tax refund. ATO points out on their website:” it doesn’t mean you will automatically get an extra $1080 in your tax return.

The new LMITO threshold is available for the 2018/2019, 2019/2020, 2020/2021 income years. If you are entitled to LMITO, it will automatically apply on your 2018/19 tax return. Before you lodge your tax return, check if LIMTO is visible on your tax return lodgement. See the diagram below to check your entitlement:

Taxable income* Minimum Tax Offset Maximum Tax Offset
<$37,000 $255 $255
>$37,000 – <$48,000** $255 $1,080
>$48,000 – <$90,000 $1,080 $1,080
>$90,000 – <$126,000*** $0 $1,080
$126,000+ $0 $0

* Your taxable income is your assessable income minus your allowable deductions

**LMITO is $255 plus 7.5% of the portion of your taxable income that exceeds $37,000

***LMITO is $1080 less 3% of the portion of your taxable income that exceeds $90,000, up to Nil

For example, if you earned taxable income in 2018-19 of:

  • Less than $21,885, while you have an entitlement to LMITO of $255. Your taxable income is under the tax-free threshold, you don’t have any tax to pay. Therefore, you cannot utilise the offset.
  • $45,000, you will receive a the LMITO of $855, ($255 plus 7.5% of the portion of your taxable income that exceeds $37,000, in this case $8,000). You may also be eligible for the LITO, see below.
  • $85,000, you are entitled to the full $1080 LIMITO.

The LMITO applies in addition to the existing Low Income Tax Offset (LITO). Taxpayer whose taxable income is at or below $66,667 will receive this benefit. The maximum LITO $445 applies to those with taxable income at or below $37,000. For taxpayers whose taxable income exceeds $37,000 but is not more than $66,667, the entitlement is reduced by 1.5 cents for each dollar over $37,000. Similarly, LITO can only be used to lower your tax paid and not a cash bonus given by ATO if you do not owe money to ATO.

From 1 July 2022

New changes come into effect from 1 July 2022

  • Income tax rate thresholds change —— the upper income threshold of the 19 per cent tax bracket increases from $37,000 to $45,000 with effect from 1 July 2022, intending to benefit all taxpayers with a taxable income over $18,200. The change will apply to resident taxpayers and working holiday makers.
  •  
  • The LITO increases —— for taxpayer with a taxable income at or below $66,667, the maximum LITO will be increased to $700 from current $445. However, the LITO reduces quicker than it currently applies. The increased LITO will be withdrawn at a rate of 5% every dollar between taxable incomes of $37,500 and $45,000. LITO will then be reduced at a rate of 1.5% every dollar between taxable incomes of $45,000 and $66,667.

These changes assume that Government does not withdraw the income tax changes in their future budget.

From 1 July 2024

From 1 July 2024, the 32.5% marginal tax rate will be reduced to 30%, The number of taxpayers benefit from such tax rate cut will be increased by the top threshold of the middle tax bracket jumped from $12,000 to $200,000. Tax relief applies to resident taxpayers and working holiday makers. Once again, this assumes that no more changes will be delivered to the future federal budget.

If you have any query about the above contents, please do not hesitate to contact Pitt Martin. We are located at the Sydney CBD. Our contact number is 02 92213345 and email connect@pittmartin.com.au.

Disclaimer: This article is not providing a formal advice and may not suit to all scenarios. Please make an appointment with us to discuss.

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