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Low and Middle Income Tax Offset to Be Removed in June, Potentially Impacting Millions


Low and Middle Income Tax Offset to Be Removed in June, Potentially Impacting Millions
An estimated 3.4 million Australians with a taxable income between $48,000 and $90,000 will be affected as the low and middle-income tax offset (LMITO), worth $1080, finishes at the end of this financial year, says the Bankwest Curtin Economics Centre.
Originally part of stage 1 of the Coalition government’s Personal Income Tax Plan, the LMITO was introduced in the 2018-19 Federal Budget to reduce tax burdens for Australians with low and middle taxable income.
At the time of its introduction, the government estimated that the scheme would help around 4.5 million Australian taxpayers who are eligible for the full LMITO of $1,080 and 5.6 million eligible for a partial LMITO. ....

Josh Frydenberg , Bankwest Curtin Economics Centre , Bankwest Curtin Economics , Personal Income Tax Plan , Bankwest Curtain , Treasurer Josh Frydenberg , Australian Financial Review , Treasurer Frydenberg , வங்கி மேற்கு கர்டின் பொருளாதாரம் மையம் , வங்கி மேற்கு கர்டின் பொருளாதாரம் , தனிப்பட்ட வருமானம் வரி திட்டம் , ஆஸ்திரேலிய நிதி விமர்சனம் ,

Rebuilding and reforming in a year like no other


Date Time
Rebuilding and reforming in a year like no other
The Morrison Government has this year passed major pieces of legislation to cushion the blow of the COVID-19 pandemic, keeping Australians in jobs, businesses in business and sparking a faster-than-anticipated economic recovery.
Despite 2020’s challenges, the Government has also successfully delivered on its promises to cut red tape and improve Australia’s economic competitiveness, with reforms to the tax system, insolvency, financial services and foreign investment.
In total, the Government passed more than 40 pieces of legislation in 2020 from the Treasury Portfolio, including:
JobKeeper
A key feature of the Government’s Economic Recovery Plan is the temporary JobKeeper Payment which has been an economic lifeline to millions of Australians, helping to keep businesses in business and Australians in jobs. ....

United States , Australian Taxation Office , Hayne Royal Commission , Financial Services Industry , Morrison Government , Treasury Portfolio , Economic Recovery Plan , Jobkeeper Payment , Boosting Cash Flow , Federal Budget , Jobmaker Hiring Credit , Australian Taxation , Personal Income Tax Plan , Foreign Acquisitions , Takeovers Act , Hayne Royal , Financial Services , ஒன்றுபட்டது மாநிலங்களில் , ஆஸ்திரேலிய வரிவிதிப்பு அலுவலகம் , ஹேன் அரச தரகு , நிதி சேவைகள் தொழில் , மோரிசன் அரசு , கருவூலம் போர்ட்‌ஃபோலீயோ , பொருளாதார மீட்பு திட்டம் , அதிகரிக்கும் பணம் ஓட்டம் , கூட்டாட்சியின் பட்ஜெட் ,