Returns

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Not available in Accountants Office

The Other and Concessional Offsets include:

Government Co-contributions

Superannuation Contributions

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title	Superannuation contributions on behalf of

a Spouse

Low Income Earners

Net Medical Expenses

Government Co-contributions

These details are recorded for the taxpayer.

Maximum Contribution: This is the maximum co-contribution the government will pay to the fund manager.

Threshold: This is the threshold for assessable income above which eligibility for the co-contribution is reduced and eventually shaded out.

Reduction: This is the reduction rate applied to the shade out threshold.

Government Contribution Rate: This is the % applied to the member's contribution to arrive at the Government dollar for dollar contribution.

Superannuation Contributions on behalf of a Spouse

spouse

This offset is claimed at T3 in the individual return.

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Maximum Contributions: This is the maximum contribution a taxpayer may make on behalf of a spouse.

Assessable Threshold: This is the amount of notional assessable income the spouse can earn before the rebate begins to shade out. Notional assessable income is assessable income plus reportable fringe benefits.

Reduction%: This is the reduction rate expressed as a percentage. The rebate will shade out at $1 for every dollar in excess of the threshold.

Offset%: If the spouse contributions made are less than the maximum contributions, the offset will be the Offset% of the actual contribution made.

Low Income Earners

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title	Low income tax offset (LITO)

You can't claim this offset at any label in the individual return. The ATO and MYOB Tax will calculate it where applicable and include it in the Estimate of tax payable.

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Offset: This is the maximum available rebate.

Threshold: This is the figure above which the rebate is reduced by $1 for every $4 of income in excess of this amount.

Reduction: This is the reduction rate expressed as a percentage.

Net Medical ExpensesOffset on excess: These are the percentage applied after the statutory deduction.

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title	Low and middle income tax offset (LMITO)

A new low and middle income tax offset applies for 2018–19, 2019–20, 2020–21 and 2021–22 income years.

You can't claim this offset at any label in the individual return. The ATO and MYOB Tax will calculate it where applicable and include it in the Estimate of tax payable.

Australian resident individuals (and certain trustees) whose income does not exceed $125,333 are entitled to the new low and middle income tax offset. Entitlement to the new offset is in addition to the existing low income tax offset, and is available on assessment after you lodge your income tax return.

If your income:

does not exceed $37,000 you are entitled to $200
exceeds $37,000 but does not exceed $48,000, you are entitled to $200 plus 3% of the amount of the income that exceeds $37,000
exceeds $48,000 but not $90,000, you are entitled to $530
exceeds $90,000 you are entitled to $530 less 1.5% of the amount of the income that exceeds $90,000.

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Offset: This is the maximum available rebate.

Threshold: This is the figure above which the rebate is reduced by $1 for every $4 of income in excess of this amount.

Reduction: This is the reduction rate expressed as a percentage.

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title	Net medical expenses (NMETO)

Net Net medical expenses are your total eligible medical expenses less refunds from the National Disability Insurance Scheme (NDIS) and private health insurers which you, or someone else, received or are entitled to receive.

You can't claim this offset at any label in the individual return. The ATO and MYOB Tax will calculate it where applicable and include it in the Estimate of tax payable.

Current year rates and percentages are:

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where applicable, the offset is given on the excess over the claim threshold. These figures are indexed each year.

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Using MYOB AE/AO Tax