lito: Low Income Tax Offset

In grattan: Australian Tax Policy Analysis

Low Income Tax Offset

Description

The Low Income Tax Offset (LITO) is a non-refundable tax offset to reduce ordinary personal income tax for low-income earners.

N.B. Since v2.0.0, lito only calculates the actual LITO, rather than an offset with custom parameters. For such functionality, use (unexported) Offset.

Usage

lito(income, fy.year = NULL)

lmito(income, fy.year = NULL)

Arguments

income	The income on which the offset is applied.
fy.year	The financial year for which the LITO is desired.

Value

The LITO or LMITO for the given income and tax year.

grattan documentation built on Sept. 4, 2023, 5:08 p.m.