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TABL 2751 Tax Rates 2022
TABL 2751 Tax Rates 2022
Refer to the ATO Website for the Medicare levy for families.
The Medicare Levy Surcharge is payable by Australian resident individuals who do not have
private hospital health insurance.
Refer to ATO website for the Medicare levy surcharge for families.
Low Income Tax Offset (2021 tax year)
The Low Income Tax Offset (LITO) is a non-refundable tax offset available to Individuals that
are Australian Residents (who have taxable income below $66,667).
The Low and Middle Income Tax Offset (LAMITO) is a non-refundable tax offset available to
Individuals that are Australian Residents (who have taxable income below $126,000).
This offset operates in addition to LITO.
Taxpayers (individuals) with an outstanding HELP Debt are required to make a repayment
calculated by multiplying the repayment rate by the taxpayer’s repayment income.
Note that the repayment amount cannot exceed the amount of the outstanding HELP Debt.
Non-residents are not required to pay the Medicare Levy or the Medicare Levy Surcharge.
They are not eligible for LITO or LAMITO.
COMPANIES
A base rate entity is a company that satisfies both of the following requirements:
• No more than 80% of their assessable income is passive income (e.g. dividends,
royalties, rent, interest, net capital gains).
• Turnover is less than the turnover threshold for the year ($50 million)