Low Income Tax Offset Increase..
News in the 2020/21 Budget says that the Low Income Tax Offset (LITO) will increase from $455 to $700, and will provide up to $255 extra in tax relief.
The Government will provide low- and middle-income earners with a one-off additional benefit from the low and middle income tax offset for the 2020‑21 income year.
These offsets provide tax relief of up to $1,080 for low- and middle-income earners.
Around 10.1 million individuals will be eligible for the offset in 2020‑21.