tax offset

Post-election: What can your clients expect regarding LMITO?

Now that the government is unchanged, one proposed change contained in the recent federal budget that will most likely be given priority is the increase to the low and middle income tax offset (LMITO). The previously proposed (and legislated) LMITO, applying for the 2018-19 to 2021-22 income years, is to be increased. This will change

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Adjusted taxable income: An explainer in case a client asks

  If your clients have ever or will ever apply for certain tax offsets or concessions or a government benefit of some kind, they may very well be asked to provide their “adjusted taxable income” (ATI). ATI is used to assess eligibility for certain offsets and other entitlements (typically items T4, T5 and T6 but

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Tax losses and franking offsets for corporates

  Companies are not entitled to a refund of franking tax offsets, however they may be able to convert them to carried forward losses in subsequent years. Companies are able to choose the amount of prior year losses they wish to deduct, after first having offset losses against net exempt income. There are however the

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A tax boost for low and middle income earners

  Your lower and middle income clients won’t see any benefit from a new tax offset announced in May’s Federal Budget until about a year from now, when a lump sum credit is recorded in their tax assessment, courtesy of the ATO. The Low and Middle Income Tax Offset (LMITO), like all tax offsets, reduces

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The delayed income tax offset, and how it can help

You may not get many clients who can use this tax offset, but one day you may very well get one in the door who will appreciate your familiarity with, and knowledge about the application of, the delayed income tax offset. The offset has also been labelled the lump sum payment in arrears offset. It

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