If you are a low or middle-income earner (i.e. taxable income below $126,000), please be reminded that the low and middle-income tax offset (LMITO) has ended on 30 June 2022, which will impact your upcoming tax returns for the 2022-23 financial year. Without this offset, your tax bill will be higher this year, so expect a higher tax liability or a much lower tax refund during tax time.
