A possible end of Lamington

No, we’re not talking about a tasty baking treat with chocolate and coconut.  The low-middle-income tax offset (LMITO) or what is commonly known as Lamington is a tax cut of up to $1080 for low and middle-income taxpayers.

However, because of the threat of inflation, the government might put an end to it. Frydenberg reiterated that the Lamington is not permanent, but merely a temporary measure to address the economic conditions at the time it was implemented.

Cutting off the Lamington will mean a higher tax rate for people earning under $126,000 per year.  If you don’t agree with this, you need to contact the Federal Member of Parliament and say you don’t want this to happen.

Families and businesses are all trying to balance their budget with higher prices and stock shortages together with projected rises in interest rates coming up in the next few months.  Stopping the LMITO is another hurt for Australian workers just trying to keep their heads above water, financially speaking.

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