Personal taxation Low income tax offset - LMITO increased by $420 for 2021-22 The low and middle income tax offset will be increased by $420 for the 2021/22 financial year so that eligible individuals will receive a maximum LMITO benefit of up to $1,500 when they lodge their 2021-22 income tax return. Important to note is that the LMITO has not been extended into the 2022-23 financial year, this means that the $1,080 extra refund or less tax payable, we have gotten used to, w