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Accurate reporting
A number of articles have been published with inaccurate data regarding the recent budget. See links below.
Both articles make mention of the increase in taxes giving the impression that its $1080 when in actual fact its a tax savings.
In 2020 the tax payable on an income of $120,000 is $31,897. In 2022 tax payable for the same $120,000 income is $29,466 (~$2430 difference and REDUCTION in tax). The LMITO offset does what its name implies, offsets the tax payable. It doesn't change the tax or the rates, however it does change the take home amount.
Stating that people…
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