Are the new Low and Minddle Income Tax Offsets calculating correctly?

This thread is now closed to new comments.
Some of the links and information provided in this thread may no longer be available or relevant.
If you have a question please start a new post.
MooeyJ
1 Post
Cover User
Australia
Cover User

1Posts

0Kudos

0Solutions

Are the new Low and Minddle Income Tax Offsets calculating correctly?

Hi all,

Just wondering if the Low and Minddle Income Tax Offsets are calculating corretly when preparing individual tax return for 2019 year?

We done the latest update but our don't seem to be calculating the full $1,080.

Thanks for your help.

1 REPLY 1
MattN
MYOB Moderator
757 Posts
MYOB Moderator
MYOB Moderator

757Posts

113Kudos

99Solutions

Re: Are the new Low and Minddle Income Tax Offsets calculating correctly?

Hi @MooeyJ 

 

Thanks for your post, and welcome to the MYOB Community Forum - we hope you find it a great resource.

 

As the Low and Middle Income Tax Offset had not officially pased legislation when the 2019.0 Tax release went out, there is an option to "turn it on" to apply the new rates.

 

you can find the info in this KB article 2019 Changes to Low and Middle Income Tax Offset (LMITO)

 

There was also mention of this in the release notes for AE/AO in the following section :

 

Tax > Individual tax returns > Low and middle income offset (LMITO)

 

I've included both AE and AO release note link above.

 

 


cheers,

Matt
Senior Product and Technical Specialist
Practice Solutions
MYOB Australia Pty Ltd

Didn't find your answer here?

Try using advanced search to find a post more easily Advanced Search
or
Get the conversation started and make a new post Start a Post