lito {grattan} | R Documentation |
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.
[Package grattan version 2024.1.1 Index]