Federal Budget 2021: Free Income Tax Calculator

Federal Budget 2021: Free Income Tax Calculator

The cash has been splashed in another big spending budget from the Federal Government, with parents, first home buyers and aged care residents among the winners. Millions of Aussies have also been delivered a tax cut worth up to $2160 for couples. Known as the Low and Middle Income Tax Offset (LMITO), or colloquially as “The Lamington”, the offset is payable when you lodge your tax return. It’s worth up to $1080 for singles earning under $126,000 and $2160 for couples on low and middle incomes. You can find out how much you’re likely to get this year in our budget calculator below.

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