Jorgensen & Associates, located in Tingalpa,
Brisbane Qld, specialise in Income Tax Return preparation, BAS,
GST and Small Business Advice.
To keep step with your objectives Jorgensen & Associates will
recommend strategies that will help future generations guide your
business in profitable directions.
Our diversified client base is made up of government / public
service employees, professional sector employees, realestate and
property agents, retailers, building and constructions workers
and education employees and of course anyone who wants their income
For friendly, professional service please contact us on (07) 3890
or fill out our »enquiry
Low & Middle Income Tax Offset
The low and middle income offset amount is between $255 and $1,080, ... This offset is available from 2018-19, 2019-20, 2020-21 and 2021-22 income years. If your taxable income is between $37,0001 and $126,000, you will get some or all of the low and middle income tax offset.
Between $37,000 and $48,000 the value of the offset increases at a rate of 7.5 cents per dollar to the maximum amount of $1080. Taxpayers with taxable inomes from $48,000 to $90,000 are eligible for the maximum tax offset of $1080. From $90,0001 to $126,000, the LMITO phases out a rate of 3 cents per dollar.
IMPORTANT NOTE: The payment of $1080 is not a refundable amount, it is an offset that helps reduce your taxable payable, and is calculated based on your taxable income.
Call our office if you have any questions regarding the offset on 07 3890 4577.
For clients who can not get to us because of work
travel difficulties, please feel free to email us your tax information,
and we can prepare your returns. We can then send back your returns
via email and lodge them accordingly.
It Pays To Learn
What You Can Claim At TAX TIME
you are a Police Officer, Nurse, Midwife or Carer
you are a Teacher or Construction Worker
you are a Truck Driver or Tradesperson
for more information
on claims at Tax Time