- CANBERRA, AAP – The federal government will reportedly extend billions of dollar in tax relief for low and middle income earners in the upcoming budget.
The low and middle income tax offset (LMITO), which is worth up to $1080 and benefits people with a taxable income between $48,000 and $90,000, ends in June.
But the 2021/22 budget due in May is expected to extend the bonus for another year at a cost of about $7 billion, The Daily Telegraph reported on Thursday citing anonymous senior government sources.
The tax offset was set up as a one-off economic stimulus measure during the coronavirus pandemic.
Analysts at the Bankwest Curtin Economics Centre have estimated some 3.4 million taxpayers – 50 per cent of whom were women – would lose out if it was dropped.
The tax offset is claimable when people submit their tax returns.
Treasurer Josh Frydenberg will hand down the budget on May 11.
Federal budget may extend tax offset
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