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What is Australia’s ‘lamington’ tax break and how much is it worth to you?

The budget is widely expected to extend the LMITO for low and middle income earners. Here’s what that means

The federal government will hand down the budget in less than three weeks, and is widely expected to extend a tax break known as the “lamington” – the low and middle income tax offset (LMITO).

The offset, which gives low and middle income earners a tax break of between $255 and $1,080, was first announced as a temporary measure in 2018, and after being extended last year, was due to end in June.

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Read the original article at The Guardian

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