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Anthony Albanese plans to give 10 MILLION Aussies an extra $1,500 in taxes — despite pledges to budget for rising cost of living
- Aussies who earned between $37,000 and $126,000 were eligible for the tax break
- It meant that those who made between $37K and $90K were eligible for the full $1,500
- Tax offset was introduced in 2018, but the Albanian government is not bringing it back
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More than ten million Australians miss out on a $1,500 tax offset in the Albanian government’s first budget.
Employees who earned between $37,000 and $126,000 were eligible for the Low and Middle Income Tax (LMITO), also known as the “lamington” tax benefit.
This means that those who made $37,000 or less could claim back $675 — while employees with more than $37,000 but less than $90,000 per year were eligible for the full $1,500.
More than ten million Australians are missing out on $1,500 tax offsets in the government’s upcoming federal budget
The compensation was brought in in the 2018/2019 financial year and extended twice during the pandemic.
But Anthony Albanese’s government has since indicated that the tax break will not continue.
The Australian tax authorities estimated that 10.2 million Aussies were eligible.
Australians have until October 31 to claim it for this fiscal year.
More to come