Low Income Tax Offset – Historical Rates

Low income tax offset historical rates

Below you will find rates and thresholds for the Low Income Tax Offset (LITO)  in earlier income tax years.

For further details about this tax offset and updated information (including recent changes), see Low Income Tax Offset 2011-12.

2011-12

LITO-20121For the 2011-12 financial year, the Low Income Tax Offset created an effective tax-free threshold of $16,000 for resident adult taxpayers. This is the amount of taxable income you would need to earn before you were required to pay any tax.

Note also that from 1 July 2011, (the 2011-12 year) minors who were not ‘excepted persons’ were no longer able to claim the Low Income Tax Offset on their non-working income (such as interest and trust distributions).

2010-11

Low income tax offset 2011

For the 2010-11 financial year, LITO created an effective tax-free threshold of $16,000 for adults and $3,333 for minors.

2009-10

Low income tax offset 2010

For the 2009-10 financial year, LITO created an effective tax-free threshold of $15,000 for adults and $3,000 for minors.

2008-09

Low income tax offset 2009

2007-08

Low income tax offset 2008

For the 2007-08 financial year, adult taxpayers eligible for the full LITO did not pay any tax until their income exceed $11,000.

2006-07

Low income tax offset 2007

For the 2006-07 financial year, adult taxpayers eligible for the full LITO did not pay any tax until their income was above $10,000.

Online Calculator

The Tax Office have an online LITO calculator available to help you work out whether you are eligible for LITO and how much you’re entitled to.



This post was last modified: Jun 8, 2013 @ 5:47 pm

Information provided on this site is for general guidance only. It is not intended as specific advice to any reader. The rules governing taxation, superannuation and business are constantly changing.
Be sure to seek personal, professional advice before acting on any information found online.