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MooeyJ's avatar
MooeyJ
Cover User
5 years ago

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.

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  • MattN's avatar
    MattN
    MYOB Moderator
    5 years ago

    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.

     

     

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