Low income offsets: LMITO and LITO retained for 2021–2022L

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FEDERAL BUDGET May 2021 PERSONAL TAXATION Low income offsets: LMITO and LITO retained for 2021–2022L   Low and middle income tax offset The Government also announced in the Budget that the low and middle income tax offset (LMITO) will continue to apply for the 2021–2022 income year. The LMITO was otherwise legislated to only apply […]

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Tax relief for individuals and small businesses

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Instant asset write-off The instant asset write-off threshold for small businesses has been increased to $30,000 and extended to 30 June 2020. And from 2 April 2019, the instant asset write-off has also been expanded to include businesses with a turnover from $10 million to less than $50 million. If you purchase an asset (new or secondhand) costing less […]

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